7 months ago
33 ARTICLE AD
The sentence is well below the three years sought by prosecutors.
Changpeng Zhao (CZ), founder of the largest crypto exchange by trading volume Binance, was sentenced to four months in prison, as reported by Bloomberg. CZ was charged for his failures that made it viable for cybercriminal and terrorist activities to take place on Binance.
US District Judge Richard Jones, in Seattle, was responsible for the sentence. According to Bloomberg, Zhao’s mother and sister watched his trial. CZ lawyers appealed for probation, mentioning similar cases related to banking law violations, but weren’t successful.
Nevertheless, the four-month sentence is less than the three years sought by the prosecutors, which was more than the 18 months recommended under sentencing guidelines, Bloomberg highlighted.
The sentence comes after CZ stepped down from his CEO role at Binance, as part of a deal made with the US Department of Justice (DOJ) in November. Moreover, Zhao had to pay a $50 million fine, while Binance also was hit with a $4.3 billion fine.
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