US Sentences Binance Founder CZ to 36 Months in Prison

The founder of the world's largest cryptocurrency exchange Binance, Changpeng Zhao (CZ), has been sentenced to 36 months in prison by the U.S. government.

Binance Changpeng Zhao In Jail

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.

Us Sentences Binance Founder Cz To 36 Months In Prison
Us Sentences Binance Founder Cz To 36 Months In Prison

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.

5.0/5

(27 votes)
  1. Avatar of
    Anonymous

    Wow

    • Avatar of Anthony garr
      Anthony garr

      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

      • Avatar of Mayor
        Mayor

        Terrorist sentencing someone to jail for supporting another Terrorist group. 🙄

      • Avatar of
        Anonymous

        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

    • Avatar of
      Anonymous

      God is with you CZ

  2. Avatar of Wisdom
    Wisdom

    It’s unfortunate to hear this

  3. Avatar of Ahmad adam
    Ahmad adam

    Hmm,All things is for America criminals acting,solely they’re collecting money from Innocent people

  4. Avatar of Hashimu Muhammed
    Hashimu Muhammed

    I hope you good luck cz may God protect you

  5. Avatar of
    Anonymous

    Oh goodness! This quite disheartening…..

  6. Avatar of Carlosalho
    Carlosalho

    Good look CZ

  7. Avatar of Oracle
    Oracle

    This is heartbreaking 💔
    I wish you well CZ at this your trials time

    • Avatar of
      Anonymous

      There is no complete good or evil, CZ good luck.

  8. Avatar of
    Anonymous

    This is something else

  9. Avatar of
    Anonymous

    We love you CZ, we will miss you and we hope you will be released as soon as possible.

    • Avatar of Ismail Abdulganiyu
      Ismail Abdulganiyu

      What ever happened in your life
      God will protect you inded.

    • Avatar of
      Anonymous

      This is heartbreaking, I don’t like this. We will miss u

  10. Avatar of
    Anonymous

    It’s all true?

  11. Avatar of
    Anonymous

    Collusion with terrorism is condemnable

  12. Avatar of Wizzylon
    Wizzylon

    Will the crypto be regulated by the government?

  13. Avatar of
    Anonymous

    Wow this is a lot

  14. Avatar of Anthony garr
    Anthony garr

    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

  15. Avatar of Obinna
    Obinna

    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.

  16. Avatar of
    Anonymous

    This isn’t fine cz be fine tho

  17. Avatar of
    Anonymous

    Whatever is happening in your life..
    God cares for you and he will protect you indeed.

    And it shall pass my dear.

    @ibrahim

  18. Avatar of Malomo Olayinka
    Malomo Olayinka

    Best wishes to you for you have made life meaningful to many. Maybe the good Lord be with you.

  19. Avatar of OmoBull
    OmoBull

    It’s well. Only God understand

  20. Avatar of Sean Justin
    Sean Justin

    Sorry man this is just trying times
    The lord be with you

  21. Avatar of
    Anonymous

    Hi

  22. Avatar of Sharif
    Sharif

    Hi

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