• 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

Bitcoin Bear Market Correction Signals Transition into Deeper Phase

chest

The current bear market for Bitcoin has entered a deeper corrective phase, indicating a transition from an early pullback into a more mature bearish stage.

user avatarMohamed Farouk

Global Investors Adjust Portfolios as Japan's Fiscal Policies Shift

chest

Global investors are rebalancing portfolios as Japanese government bonds regain appeal following Japan's snap election, impacting global markets.

user avatarElias Mukuru

Elon Musk Unveils Plans for a Lunar City

chest

Elon Musk has announced his ambitious vision to build a self-growing city on the Moon with SpaceX.

user avatarDiego Alvarez

National Security Concerns Raised in WLFI Investigation

chest

The WLFI investigation led by Congressman Ro Khanna explores national security concerns linked to financial transactions and US controls on AI semiconductor exports.

user avatarSon Min-ho

WLFI Investigation Examines Stablecoin's Role in UAE Investment

chest

WLFI investigation examines stablecoin's role in UAE investment.

user avatarTando Nkube

XRP Ledger Achieves Major Milestone with Institutional Participation

chest

The XRP Ledger has successfully removed barriers for banks, enabling direct settlement and potentially facilitating billions in inflows.

user avatarKenji Takahashi

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.