• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Founder of Binance Starts Jail Term for Money Laundering Activities

user avatar

by Giorgi Kostiuk

2 years ago


Binance Founder Embarks on Jail Sentence for Money Laundering Charges

Changpeng Zhao, the founder of Binance, has commenced his prison term for involvement in money laundering activities related to his cryptocurrency exchange. Reports confirm his presence at a federal penitentiary in Lompoc, California, validated by his legal team at Latham & Watkins in line with a CNBC report.

Following a ruling by Judge Richard Jones in the U.S. District Court for the Western District of Washington, Zhao was sentenced to a four-month jail term. Despite this setback, Zhao has outlined his intentions post-incarceration, expressing his desire to re-enter the cryptocurrency market after completing his term at Lompoc. His decision to maintain passive investments and retain his existing crypto assets signifies his continued trust in the digital asset arena.

Upholding Regulatory Standards

Emphasizing the significance of regulatory compliance, Zhao noted the pivotal transition phase of the crypto sector and the essentiality of adherence to norms. Judge Richard Jones' decision in April resulted in a four-month imprisonment for Zhao due to allegations of money laundering at his cryptocurrency exchange.

Furthermore, Zhao incurred a substantial fine of $50 million. Despite an initial proposal from federal prosecutors for a three-year sentence, the judge opted for a shorter confinement. While the suggested imprisonment period ranged from 12 to 18 months, Zhao's legal team advocated for a five-month probationary term instead.

In light of admitting his culpability, Zhao expressed remorse for his actions and acknowledged shortcomings in Binance's Anti-Money Laundering (AML) policy. Zhao's commitment to abiding by the legal system was evident as he pledged compliance with the jail reporting directives set forth.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Analyst Warns of Potential Death Cross for Bitcoin

chest

Analyst Ali Martinez raises concerns about a potential death cross on Bitcoin's 3-day price chart, which could signal a bearish trend.

user avatarEmily Carter

Market Reactions to Quantum Threats in Cryptocurrency

chest

Market reactions are mixed regarding the potential threat of quantum computing to cryptocurrencies, with some experts downplaying the risk while others call for immediate action.

user avatarFilippo Romano

Technical Indicators Show Bullish Momentum for Ethereum

chest

Technical indicators for Ethereum suggest a potential bullish trend as the MACD for ETHUSD is gaining momentum in the bullish zone, and the RSI is now above 50.

user avatarTomas Novak

Bitcoin Falls Below Critical Support Threshold.

chest

Bitcoin has broken below the 65,000 support zone, shifting short-term momentum back in favor of the bears.

user avatarKaterina Papadopoulou

Traders Anticipate ETH Price Drop Following Buterin's Transactions

chest

Traders are reacting to Vitalik Buterin's recent moves, with predictions of ETH potentially falling to 1,500 before recovering.

user avatarMaya Lundqvist

Ethereum's Regulatory Status Gains Clarity

chest

Paul Atkins, the Chairman of the SEC, has informally classified Ethereum as a nonsecurity digital commodity, signaling a potential shift in regulatory outlook.

user avatarLeo van der Veen

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.