2024

April

Changpeng Zhao, also known as CZ, the founder of the world’s largest cryptocurrency exchange, Binance, has been sentenced to 4 months in prison for violating anti-money laundering (AML) regulations. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 🚨🚨BIG BREAKING: <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener" data-wpel-link="external">#Binance</a>&nbsp; Founder Changpeng Zhao (CZ) sentenced to 4 months in prison. <a href="https://t.co/OfuTLs9I1c" target="_blank" data-wpel-link="external">pic.twitter.com/OfuTLs9I1c</a>— The Crypto Times (@CryptoTimes_io) <a href="https://twitter.com/CryptoTimes_io/status/1785384869952119036?ref_src=twsrc%5Etfw" target="_blank" rel="noopener" data-wpel-link="external">April 30, 2024</a>
 </blockquote> 
 </div>
</figure> 
Judge’s Reasoning: 
During the sentencing hearing, the judge acknowledged CZ’s positive characteristics and cooperation with law enforcement as mitigating factors. However, he emphasized the severity of the AML violations, including the potential facilitation of money laundering for illegal activities like drug trafficking and terrorism. 
The judge also considered the numerous character letters submitted, highlighting CZ’s drive, passion, and dedication to family and philanthropy. He acknowledged the rapid growth of Binance and the exceptional responsibility CZ held as CEO. Ultimately, the judge landed on a 4-month prison sentence, rejecting both the DOJ’s request for 3 years and the defense’s recommendation for probation. He emphasized the need for a proportionate and reasonable sentence while sending a message about the importance of complying with AML regulations. 
The defense team has requested that CZ be designated for prison reporting as soon as possible. While the request for expedited designation has been made, the actual reporting date will be determined by the probation office. 
The judge confirmed with CZ that he swears to appear on the designated reporting date, regardless of when it is. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/04/30/binance-founder-cz-face-sentencing-hearing-in-seattle/" target="_blank" rel="noreferrer noopener" data-wpel-link="internal">Binance Founder CZ&nbsp;Face Sentencing Hearing in Seattle</a> 
</blockquote>

Binance Founder CZ Sentenced to 4 Months in Prison

The Crypto Times

Other articles published on Apr 30, 2024

Bitcoin (BTC) Billboard Takes Center Stage in Times Square, Advocating for its Expansive Potential

XRP Price Prediction – Will Bearish Trend Push Prices Under $0.50?

AIEMP Announces Launch of Innovative AI Security Project

AMP Price Prediction: Can AMP Maintain Its Bullish Momentum?

Canadian Institutional Investors Massively Adopt Cryptocurrencies

Dogecoin, Floki Or Bonk—Which Meme Coin Has The Fairest Distribution?

Join our free newsletter for daily crypto updates!