• btc = $64 322.00 -22.31 (-0.03 %)

  • eth = $3 509.00 6.15 (0.18 %)

  • ton = $7.59 0.42 (5.93 %)

  • btc = $64 322.00 -22.31 (-0.03 %)

  • eth = $3 509.00 6.15 (0.18 %)

  • ton = $7.59 0.42 (5.93 %)

1 May, 2024
1 min time to read

Changpeng Zhao, the founder of Binance, the world's largest cryptocurrency exchange, has been sentenced to four months in prison for failures that allowed cybercriminals and terrorist groups to freely trade on the platform.

It was also stated that over 1.5 million transactions worth approximately $900 million passed through the Binance platform, which were allegedly related to terrorist financing and other illegal activities. The sentencing, ordered by US District Judge Richard Jones in Seattle, falls short of the three years requested by prosecutors.

Zhao, 47, appeared in court accompanied by his legal team and watched his sentencing with his mother and sister. Despite the lighter sentence, the judge made it clear that no one is above the law, regardless of wealth or status.

The sentencing marks the first time a chief executive officer has been jailed for a bank secrecy act violation in the cryptocurrency industry. Zhao, who did not visibly react to the sentence, is expected to serve his time at Seattle's Federal Detention Center, SeaTac.

Despite efforts from Zhao's legal team to avoid prison time due to his non-US citizenship, the judge ruled for imprisonment, citing the severity of the violations.