Binance crypto boss Changpeng Zhao sentenced to 4 months in prison (2024)
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The founder of the world's largest crypto exchange has been sentenced to four months in prison in the US for allowing criminals to launder money on his platform.
Changpeng Zhao resigned from Binance in November and pleaded guilty to violating US money laundering laws.
Binance was ordered to pay $4.3bn (£3.4bn) after a US investigation found it helped users bypass sanctions.
Prosecutors had sought a three-year sentence for the former Binance boss.
At a sentencing hearing on Tuesday in Seattle, Judge Richard Jones said Zhao put "Binance's growth and profits over compliance with US laws and regulations", according to the Verge.
US officials said in November that Binance and Zhao's "wilful violations" of its laws had threatened the US financial system and national security.
"Binance turned a blind eye to its legal obligations in the pursuit of profit," said Treasury Secretary Janet Yellen.
The former chief of Binance was sentenced by a Seattle judge to four months behind bars for violating the Bank Secrecy Act. The prosecution had asked for a sentence of three years in prison, while the defense said probation would be more than enough for Zhao's crimes.
Binance founder Changpeng “CZ” Zhao has reported to a federal prison in California where he will spend the next four months for failing to implement an adequate know-your-customer (KYC) program at the world's largest cryptocurrency exchange.
Zhao is the co-founder and former CEO of Binance, the world's largest cryptocurrency exchange by trading volume as of July 2024. He resigned as the CEO in November 2023 after pleading guilty to a money laundering charge in the United States and was sentenced to four months in prison in April 2024. As of Aug.
Former Binance CEO Changpeng Zhao (CZ) reportedly owns 64% Binance Coin's BNB $608 circulating supply, or roughly 94 million BNB tokens, a Forbes report revealed. Gray Wolf Analytics discovered that the Binance founding team received 80 million BNB tokens, of which the business still controls 46 million.
The criminal sentencing of Binance founder and former CEO Changpeng Zhao (CZ) has been postponed to April 30, according to a notice filed on Monday in Seattle federal court. The news was first reported by CNBC, noting that the docket entry did not explain why the prosecutors had delayed the hearing by two months.
An arch rivalry between one-time crypto titans was brought to a close at a federal courthouse in Seattle on Tuesday when Binance founder Changpeng Zhao was handed a sentence of four months in prison.
Still, Zhao will enter the history books as the richest person ever to do time in US federal lockup since his ownership of Binance — and an estimated $43 billion personal fortune tied to it — remain intact.
As of September 2024, his net worth is $56.4 billion, which is only appropriate considering how volatile cryptocurrency can be. The Chinese-Canadian coder founded Binance, the world's largest crypto exchange and served as its CEO until he stepped down in late 2023, as reported by CNBC News.
Binance is unavailable in the United States. However, its subsidiary, Binance.US, is available in most states. In a handful of states, Binance.US is available and legal but had temporarily paused the onboarding of new users as of May 2024.
Binance is not just focusing on expanding its services but also on making sure they are safe and secure for users. The company has strong systems in place to verify users' identities and prevent illegal activities, like money laundering and terrorism financing.
Changpeng Zhao, the former chief executive of Binance, was sentenced on Tuesday to four months in prison after pleading guilty to violating US money-laundering laws at the world's largest cryptocurrency exchange.
See the global distribution of visitors to your competitor's website and start tapping into overlooked markets. Binance.com's core audience is located in Kenya followed by Brazil, and India.
The FIU banned cryptocurrency exchanges like Binance, Kraken, Kucoin, and others in India. The Director FIU IND wrote to the Secretary of Meity to block these exchanges as they were illegally operating without following the provisions of the PML Act in India.
Changpeng Zhao, the former chief executive of Binance, was sentenced on Tuesday to four months in prison after pleading guilty to violating US money-laundering laws at the world's largest cryptocurrency exchange.
New for the US market in 2023, CZ-USA introduces two optics-ready and suppressor-ready P-10 pistols to its lineup. The full-sized P-10 F OR SR and compact P-10 C OR SR models inherit all the performance-driven features of the P-10 series.
A: Each CZ firearm has the year of manufacture stamped on the firearm itself. For many years, pistol marks were located in a small oval behind the extractor/ejection port. Recent production has moved that to just in front of the serial number on the slide.
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