Binance founder Changpeng Zhao sentenced to 4 months for allowing money laundering

Binance founder Changpeng Zhao received a four-month prison sentence for neglecting money laundering issues on the cryptocurrency exchange.

Despite a guilty plea and efforts to enhance compliance, Zhao faced criticism for disregarding U.S. banking regulations.

Prosecutors argued for a stricter sentence, emphasizing the severity of Zhao’s actions in allowing transactions linked to illegal activities.

Defense attorneys highlighted Zhao’s lack of personal involvement in specific transactions and Binance’s overall transaction volume.

Zhao’s post-sentencing concerns about safety in prison were noted, resulting in a shorter sentence, the Associated Press reports.

read more: https://apnews.com/article/binance-crypto-money-laundering-sanctions-changpeng-zhao-cf81925ff9b4b65e27f80f906a6a63ae

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