• 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

Cysic Faces Scrutiny Over Token Manipulation and Financial Discrepancies

chest

Cysic's token generation event (TGE) is under investigation due to allegations of token manipulation and significant financial discrepancies.

user avatarMaya Lundqvist

Hedera's Growing Adoption Among Financial Institutions and Governments

chest

Hedera is witnessing significant adoption from financial institutions and governments for various applications, including payments, stablecoins, and asset tokenization.

user avatarLeo van der Veen

Orchard Protocol and Rising Metrics Boost Zcash Adoption

chest

The Zcash ecosystem is witnessing a boost in adoption due to initiatives like the Orchard protocol and rising Twitter metrics.

user avatarElias Mukuru

Charlie Noyes Steps Down from Paradigm to Focus on Kalshi

chest

Charlie Noyes has stepped down from his role as General Partner at Paradigm to focus on his position as a board observer at Kalshi.

user avatarLi Weicheng

No Evidence Found for Wall Street Revolution Event in Crypto Sector

chest

No evidence supports the existence of the Wall Street Revolution event involving key figures in the crypto sector.

user avatarAisha Farooq

Altcoins Show Signs of Resilience Despite Market Weakness

chest

Altcoins show signs of resilience as the TOTAL3 chart indicates a significant support level, suggesting potential for a future rally.

user avatarTenzin Dorje

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.