Binance’s Founder, Changpeng Zhao, has been sentenced
to four months in prison after pleading guilty to charges related to allowing
money laundering on the cryptocurrency exchange, the Financial Times reported. The sentence, handed down in a
Seattle federal court, marked a significant development in the ongoing legal
battles involving Binance and Zhao.
The Plea Deal and Sentencing
Zhao’s sentencing comes after he struck a deal with
the U.S. government in November to resolve a longstanding investigation into
Binance. As part of the settlement, Zhao agreed to step down from his role as
CEO of the company.
Despite federal prosecutors initially seeking a
three-year prison term for Zhao, the sentence issued is less severe. The
defense had advocated for five months of probation, while sentencing guidelines
suggested a term of 12 to 18 months.
Expect ongoing updates as this story evolves.
This article was written by Jared Kirui at www.financemagnates.com.
