Binance Founder Changpeng Zhao Sentenced To 4 Months In Prison (cnbc.com) 9
Binance founder Changpeng Zhao has been sentenced to four months in prison after pleading guilty to charges related to enabling money laundering through his cryptocurrency exchange. CNBC reports: The sentence handed down to Zhao in Seattle federal court was significantly less than the three years that federal prosecutors had been seeking for him. The defense had asked for five months of probation. The sentencing guidelines called for a prison term of 12 to 18 months. In November, Zhao struck a deal with the U.S. government to resolve a multiyear investigation into Binance, the world's largest cryptocurrency exchange. As part of the settlement, Zhao stepped down as the company's CEO.
Zhao, who wore a dark navy suit with a light blue tie to court, is accused of willfully failing to implement an effective anti-money laundering program as required by the Bank Secrecy Act, and of allowing Binance to process transactions involving proceeds of unlawful activity, including between Americans and individuals in sanctions jurisdictions. The U.S. ordered Binance to pay $4.3 billion in fines and forfeiture. Zhao agreed to pay a $50 million fine.
Zhao, who wore a dark navy suit with a light blue tie to court, is accused of willfully failing to implement an effective anti-money laundering program as required by the Bank Secrecy Act, and of allowing Binance to process transactions involving proceeds of unlawful activity, including between Americans and individuals in sanctions jurisdictions. The U.S. ordered Binance to pay $4.3 billion in fines and forfeiture. Zhao agreed to pay a $50 million fine.
The wages of Sin (Score:3)
4 months at club fed... billions in profits stashed away safely
Re: (Score:2)
4 months at club fed...
The severity of punishment has little deterrent value.
A high probability of getting caught is much more effective.
We should spend less on prisons and more on enforcement.
Welp (Score:3)
The U.S. ordered Binance to pay $4.3 billion in fines and forfeiture. Zhao agreed to pay a $50 million fine.
Changpeng Zhao's reputed net worth is just north of US$30 billion. $50 million, to him, is like what you'd tip the paperboy in another lifetime.
Ye olde two tiered justice system at work.
Re: (Score:3)
The US system needs day fines [wikipedia.org].
Re: Welp (Score:2)
Dunning-Krugerrands used for money laundering? (Score:1)
Nooooo, say it ain't so! That's unpossible!
CEO of most sucessful exchange jailed (Score:2)