• 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

Divergence in Solana's BTC and USDT Pairs Signals Market Uncertainty

chest

Divergence in Solana's BTC and USDT pairs indicates market uncertainty, with BTC showing strength and USDT showing weakness.

user avatarMaya Lundqvist

Solana Price Action Suggests Potential Breakout

chest

Solana has been trading within a tight range, indicating a possible breakout as volatility decreases.

user avatarLeo van der Veen

CME Group Expands Crypto Futures Offerings with New Contracts

chest

CME Group expands its cryptocurrency offerings by launching new futures contracts for Cardano, Chainlink, and Stellar.

user avatarLi Weicheng

X Plans to Launch X Money Amid New Crypto Promotion Rules

chest

X plans to launch X Money, a new payments feature, as it lifts its ban on sponsored crypto content.

user avatarTenzin Dorje

X Lifts Ban on Sponsored Crypto Content, Introduces Paid Partnership Labels

chest

X has lifted its ban on sponsored crypto content, allowing influencers to monetize their posts with new paid partnership labels.

user avatarAisha Farooq

Massachusetts Prosecutors Target $327,829 in USDT from Dating App Scam

chest

Massachusetts prosecutors are seeking the civil forfeiture of $327,829 in USDT linked to a dating app scam that defrauded a resident through a fake cryptocurrency investment.

user avatarBayarjavkhlan Ganbaatar

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.