Binance Founder Faces Prison Time

Author: No Comments Share:

The founder of Binance, a major cryptocurrency firm, received a four-month prison sentence in the US for money laundering charges. Changpeng Zhao, a Canadian, resigned from his position at the company as part of a deal with US authorities. Binance failed to prevent transactions involving groups like the Islamic State, al-Qaeda, and Hamas, according to investigations. Zhao pleaded guilty to violating anti-money laundering laws, and Binance agreed to a $4.3 billion settlement.

Prosecutors sought a three-year prison term, emphasizing Zhao’s deliberate decision to flout US laws for company growth. Zhao’s lawyers argued for probation, citing his admission of guilt and philanthropic activities.

Binance, founded in 2017, expanded globally after China’s crypto crackdown. Despite industry growth, scandals and regulatory scrutiny, including the collapse of its rival FTX, shook investor confidence.

The crypto industry rebounded with US regulators approving bitcoin ETFs. Binance’s new CEO emphasized the company’s commitment to compliance and cooperation with regulators.

Previous Article

WHO Emphasizes Vital Role of Immunisation in Preventing Childhood Diseases

Next Article

Kenya Grapples with Deadly Floods, Landslides, Rescue Efforts Intensify Amid Rising Toll

You may also like