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Changpeng Zhao, the founder of Binance, the world’s largest cryptocurrency exchange, is set to serve a 36-month prison sentence after pleading guilty to violating anti-money laundering laws, U.S. prosecutors stated in court records on Tuesday.
Zhao, who is scheduled for sentencing on April 30 in Seattle, resigned as Binance’s CEO last November, when he and the exchange admitted to the misconduct and the company agreed to a $4.32 billion fine.
“Considering Zhao’s intentional violation of U.S. law and its consequences, the 36-month sentence as outlined is warranted,” U.S. prosecutors told the U.S. District Court for the Western District of Washington.
The federal sentencing guidelines set a maximum 18-month term for Zhao, who has agreed not to appeal any term until that deadline. He has been free in the U.S. on a $175 million bond.
The U.S. government stated that Binance failed to report over 100,000 suspicious transactions to designated terrorist groups including Hamas, al Qaeda, and the Islamic State of Iraq and Syria (ISIS).
Prosecutors also revealed that Binance’s platform facilitated the sale of child sexual abuse materials and was a significant recipient of proceeds from ransomware. Zhao, commonly known as CZ, has agreed to pay a $50 million fine and step away from Binance, the platform he founded in 2017.
Related: Binance Lists Renzo (REZ) on Binance Launchpool
Binance’s penalties include a $1.81 billion criminal fine and $2.51 billion in restitution. This latest development marks a significant chapter in the cryptocurrency industry, highlighting the increasing regulatory scrutiny facing major players like Binance.
The case raises questions about the responsibility of cryptocurrency platforms to comply with anti-money laundering and terrorist financing regulations, as governments worldwide seek to tighten oversight in this rapidly evolving sector. The impact of Zhao’s conviction on Binance’s operations and the broader crypto market remains to be seen, with stakeholders closely monitoring developments.
Wow
He deserves every bit of time he gets and tbh he should of got 20 years not out in a few years to spend his stolen money
Terrorist sentencing someone to jail for supporting another Terrorist group. 🙄
How much punishment does he deserve, for example? Obama? He started 7 wars around the world, and won the Nobel Peace Prize a week before he entered the White House. A nation of idiots will judge someone? Who is USA Judg
God is with you CZ
It’s unfortunate to hear this
Hmm,All things is for America criminals acting,solely they’re collecting money from Innocent people
I hope you good luck cz may God protect you
Oh goodness! This quite disheartening…..
Good look CZ
This is heartbreaking 💔
I wish you well CZ at this your trials time
There is no complete good or evil, CZ good luck.
This is something else
We love you CZ, we will miss you and we hope you will be released as soon as possible.
What ever happened in your life
God will protect you inded.
This is heartbreaking, I don’t like this. We will miss u
It’s all true?
Collusion with terrorism is condemnable
Will the crypto be regulated by the government?
Wow this is a lot
He deserves every bit of time he gets and tbh he should of got 20 years not out in a few years to spend his stolen money
my thoughts are with CZ at this trying time. In all, i learnt transparency in dealings is very important. Also to calm myself of any form of power or influence control when i am a figure of value in any engagement.
This isn’t fine cz be fine tho
Whatever is happening in your life..
God cares for you and he will protect you indeed.
And it shall pass my dear.
@ibrahim
Best wishes to you for you have made life meaningful to many. Maybe the good Lord be with you.
It’s well. Only God understand
Sorry man this is just trying times
The lord be with you
Hi
Hi