Changpeng Zhao, the founder of Binance, was sentenced to four months in prison for engaging in a giant money laundering scheme at what was considered the world’s largest cryptocurrency exchange.
“Despite wealth, power or status, no person — regardless of wealth — is immune from prosecution or above the laws of the United States,” US District Judge Richard A. Jones told Zhao.
BREAKING: The former Binance CEO Changpeng Zhao has been sentenced to four months in prison for allowing money laundering on the world's largest crypto exchange. https://t.co/RmyCxOZlwq
— The Associated Press (@AP) April 30, 2024
“I failed here,” Zhao told the court Tuesday. “I deeply regret my failure, and I am sorry.”
Prosecutors were looking to sentence Zhao for three years, while Zhao’s defense had wanted him to serve no time at all.
