Binance Founder Sentenced to 4 Months in Prison for Money Laundering Charges

By : Benzinga

Published On: 2024-05-01

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00:37

Changpeng Zhao, the founder of cryptocurrency exchange Binance, was sentenced to 4 months in prison for money laundering charges. He pleaded guilty last year after Binance paid over $4 billion in fines and penalties for anti-money laundering violations and other charges. Zhao apologized and said it would not happen again. US authorities previously said Binance allowed criminal transactions like child abuse and terrorism financing. Binance lacked protocols to identify or report money-laundering transactions, and an internal communication revealed employees knew this oversight attracted criminals.

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