JUST IN: Former Binance CEO Changpeng Zhao SENTENCED
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April 30, 2024 6:17 pm
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On Tuesday, a U.S. court sentenced former Binance CEO Changpeng Zhao for violating money laundering laws.
A federal court located in Seattle, Washington sentenced Zhao to four months behind bars for his alleged role in facilitating the money laundering.
However, Judge Richard Jones declined to give the DOJ what it wanted—an extended sentence for Zhao.
The Judge noted that there was no real evidence to suggest that Zhao was aware of any wrongdoing at Binance. According to The Associated Press:
A judge credited Zhao for taking responsibility for his wrongdoing but said he was troubled by the now-former CEO’s decision to ignore U.S. banking requirements that would have slowed the company’s explosive growth.
The sentence was far less than the three years prosecutors had sought, but defense attorneys had asked that Zhao spend no time in prison.
Investors, speculators, and influencers within the crypto community shared their reactions to the news:
CZ created Binance in 2017 and within 4 years the business was worth $300 billion
BNB has a $83 billion market cap right now
not to mention pancake swap, trust wallet, coin market cap and countless charity work
cz even helped expose sbf and ftx
they’re really locking up one…
— Crypto Tea (@CryptoTea_) April 30, 2024
Do you guys think CZ stepped down from Binance cause he knew if convicted Binance would be fucked?
— Farmer $MOJO $BEYOND (@ChainFarmerz) April 30, 2024
Shocked to see that CZ has been sentenced to 120 days in prison.
Why?
He himself went to US in good faith. Paid billions $ in fines.
America has proved that it is against everyone who challenges American supremacy!
CZ will return stronger 💪
— Kashif Raza (@simplykashif) April 30, 2024
god dammit changpeng zhao. pic.twitter.com/5PglMRGsU5
— Tiffany Fong (@TiffanyFong_) April 30, 2024
Coin Telegraph provided a timeline of the Binance litigation, here is just one entry:
In a major turning point, CZ stepped down as CEO following a $4.3 billion settlement with U.S. authorities.
The settlement included fines for violations like failing to maintain an effective Anti-Money Laundering program. Richard Teng took over as CEO of Binance.
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