Changpeng Zhao, the billionaire founder of the giant cryptocurrency exchange Binance, was sentenced on Tuesday to four months in prison, a much lighter penalty than other crypto executives have faced since the industry imploded in 2022.
Mr. Zhao pleaded guilty last year to a money-laundering violation, acknowledging that his company allowed terrorist groups and other criminals to have access to its platform. Defense lawyers asked for probation without any prison time, while prosecutors requested a three-year sentence, calling it an “unprecedented” crime.
But Judge Richard A. Jones, who oversaw the case in U.S. District Court in Seattle, said in court on Tuesday that Mr. Zhao had taken responsibility for his offenses and was unlikely to break the law again.
“Your conduct does not warrant a 36-month sentence,” Judge Jones said. He called Mr. Zhao “a dedicated family man and a giving person” and praised his “staggering accomplishment” in building Binance.
Wearing a dark suit and light blue tie, Mr. Zhao, 47, did not visibly react as the sentence was announced. But he nodded vigorously during Judge Jones’s statement and touched his hand to his heart.
“I failed here,” Mr. Zhao said in brief remarks to the court. “I deeply regret my failure, and I’m sorry.”
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Changpeng Zhao (Chinese: 赵长鹏; pinyin: Zhào Chángpéng), commonly known as CZ, is a Chinese-born Canadian businessman. Zhao is the co-founder and former CEO of Binance, the world's largest cryptocurrency exchange by trading volume as of November 2023.
arrives at federal court in Seattle on Tuesday. Changpeng Zhao, the founder of the world's leading cryptocurrency exchange, was sentenced on Tuesday to four months in prison after pleading guilty last year to charges that he failed to maintain an effective anti-money laundering program.
SEATTLE, April 30 (Reuters) - Changpeng Zhao, the former chief executive of Binance, was sentenced on Tuesday to four months in prison after pleading guilty to violating U.S. laws against money laundering at the world's largest cryptocurrency exchange.
Binance is an online exchange where users can trade cryptocurrencies. It supports hundreds of the most commonly traded cryptocurrencies. Binance provides a crypto wallet for traders to store their electronic funds.
He is currently based in Dubai, United Arab Emirates. Zhao met his wife Yang Weiqing in 1999 and they married in 2003. They have two children. Although still married to Yang, Zhao has been in a "life partner" relationship with his business partner and fellow Binance co-founder, He Yi, since they met in 2014.
Investors withdrew as much as $3 billion from Binance on Tuesday, according to blockchain analytics firm Nansen, as a deluge of negative headlines about the cryptocurrency industry rattled users of the world's largest exchange.
Changpeng Zhao, the founder of cryptocurrency firm Binance, has become the world's richest prisoner after he was sentenced to four months in jail on Tuesday, the Telegraph reported. Mr Zhao was sentenced by a Seattle Court after pleading guilty to violations of US anti-money laundering and sanctions laws last year.
The Securities and Exchange Commission (SEC) also sued Binance in June 2023. The accusations include running broker-dealers and unregistered exchanges and falsely portraying trading controls and monitoring, according to the SEC press release.
Afterwards, the Economic and Financial Crimes Commission (EFCC) accused Binance of laundering more than $35m (£27.5m) through its platform. In a separate suit, Nigeria's tax authority alleged that the company had not registered for remittance purposes in Nigeria and was therefore guilty of tax evasion.
In conclusion, Binance is a safe and legitimate cryptocurrency exchange that offers low fees, strong security measures, and a wide range of currencies. Its user-friendly interface and helpful customer service make it a top choice for many traders.
Chinese-born Canadian citizen Changpeng “CZ” Zhao is the founder and CEO of the Binance crypto exchange. Zhao is one of Canada's richest men and one of the biggest players in the cryptosphere. CZ received a sentence to four months after he pleaded guilty to money laundering charges.
Changpeng Zhao, who goes by CZ, is the founder and former CEO of Binance, the largest cryptocurrency exchange in the world. The Chinese-Canadian coder cut his teeth building high-frequency trading systems for Wall Street's flash boys. Zhao founded Binance in 2017, raising $15 million through an initial coin offering.
Changpeng Zhao, the billionaire co-founder and former CEO of Binance, is expected to see his mammoth wealth remain intact and likely continue to climb even as he faces time behind bars after his sentencing in a Seattle court.
Changpeng “CZ” Zhao once sat atop the crypto industry as the founder and CEO of Binance, the world's leading crypto exchange. On Tuesday, a judge in Seattle federal court sentenced Zhao to four months in prison as part of a plea deal—but the multibillionaire will still retain most of his wealth.
Changpeng Zhao, known as "CZ," founded Binance, which rapidly grew to be the largest cryptocurrency exchange in the world by daily trading volume. With a net worth estimated at $39.6 billion as of March 2024, Zhao's story reflects the fast-paced and unpredictable world of cryptocurrency.
CZ holds a Canadian passport and is also a citizen of the United Arab Emirates. Yi is the mother of at least two of CZ's three children, although she has denied that they are currently romantic partners.
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