Zhao’s lawyers have requested five months’ probation, noting the crypto billionaire had accepted responsibility for violating anti-money laundering laws.
Topline
Binance founder and former CEO Changpeng Zhao was sentenced to four months in prison Tuesday after he pleaded guilty last year to violating federal money laundering laws along with his company which also pleaded guilty to sanctions violations.Key Facts
Seattle-based U.S. District Judge Richard Jones handed down Tuesday’s sentence, which was far below the three-year sentence prosecutors were seeking, according to multiple reports.
In his plea deal, Zhao agreed to step down as Binance’s CEO and pay a $50 million fine for failing to maintain an effective anti-money laundering program, as well as sanctions violations linked to users in Iran, Cuba, Syria, and Russian-occupied areas of Ukraine.
In a court filing earlier this month, Justice Department lawyers recommended a three-year prison sentence for Zhao, arguing this would hold him “accountable for his intentional criminal conduct” and “not just send a message to Zhao but also…the world.
