The former CEO of the Binance crypto exchange, Changpeng Zhao, received a four-month prison sentence. In his letter to the court, Zhao expressed deep regret for his actions and accepted full responsibility. He stressed that he “voluntarily surrendered and took responsibility” in this matter, hoping to resolve the issue and start over. 📉

Prosecutors accused Zhao of willfully failing to implement an effective anti-money laundering program as required by the Bank Secrecy Act. This resulted in Binance processing a huge volume of transactions related to illegal activities.

Despite the allegations, the judge said there was no evidence that Zhao "was ever informed" of the illegal activity on the exchange.