#BreakingCryptoNews : Binance Founder Changpeng Zhao Sentenced to Jail: The Fall of a Crypto Giant*
Changpeng Zhao, the founder and former CEO of Binance, the world's largest cryptocurrency exchange, has been sentenced to four months in prison for allowing money laundering on the platform. This shocking verdict marks a dramatic fall from grace for the crypto mogul.
In April 2024, Binance founder Changpeng Zhao was sentenced to four months in prison for allowing money laundering on Binance.
- Binance is the world's largest cryptocurrency exchange.
- Zhao was also ordered to pay $50 million fine.
- The sentence was far less than the three years prosecutors had sought.
- Before the sentencing, Zhao apologized and said he accepted responsibility for Binance's failure to implement an effective Anti-Money Laundering (AML) program.
- In November 2022, Zhao reached an agreement with the U.S. government to resolve a multiyear investigation into Binance.
- As part of the settlement, Zhao resigned as the company’s CEO.
- The U.S. also ordered the former CEO of Binance to pay $4.3 billion in fines and forfeiture for “civil regulatory enforcement actions.”