• 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

Strategy's Confidence in Bitcoin Amidst Market Volatility

chest

Strategy founder Michael Saylor expresses confidence in meeting financial obligations even if Bitcoin drops to $8,000, while the company continues to accumulate Bitcoin despite potential volatility.

user avatarLuis Flores

US Dollar Maintains Dominance in Global Transactions

chest

The US dollar continues to dominate global transactions, accounting for 50.5% of SWIFT transactions, despite rising competition from alternative currencies.

user avatarArif Mukhtar

Costco Tightens Returns Policy Amid Digital Transformation

chest

Costco is tightening its returns policy and enhancing its mobile app features to protect margins.

user avatarMaria Gutierrez

LightBar Develops Technology to Combat AI Copyright Infringement

chest

LightBar develops technology to combat AI copyright infringement.

user avatarDavid Robinson

Hollywood Studios Take Legal Action Against AI Infringement

chest

Major Hollywood studios, including The Walt Disney Company and Paramount Pictures, have taken legal action against ByteDance for alleged unauthorized use of copyrighted characters and performers' likenesses in its Seedance 20 model.

user avatarAndrew Smith

Bitcoin Price Drops Below Critical Support Levels.

chest

Bitcoin's price has failed to maintain stability above the 70,000 mark and has started a decline, trading below 68,800.

user avatarJacob Williams

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.