• 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

Chainlink's Value Continues to Grow

chest

Chainlink is gaining recognition for its extensive ecosystem and innovative solutions, particularly its Cross-Chain Interoperability Protocol (CCIP), which connects multiple chains and tokens.

user avatarAisha Farooq

Bonk and Floki Gain Traction in the Meme Coin Space

chest

Bonk and Floki are emerging as notable players in the meme coin market, each with unique community-driven models.

user avatarLeo van der Veen

Apeing Emerges as Top Crypto to Watch with Whitelist Advantage

chest

Apeing is gaining significant attention as a leading cryptocurrency, driven by its Whitelist and early momentum.

user avatarMaya Lundqvist

MYX Tokenomics and Price Predictions for 2026-2030

chest

The tokenomics of MYX Finance suggest a strong potential for price growth, with predictions ranging from $0.50 to $800 by 2030.

user avatarLi Weicheng

Challenges and Risks Facing MYX Finance

chest

MYX Finance faces several challenges, including regulatory uncertainty and competition, which could impact its long-term success.

user avatarTenzin Dorje

MYX Finance Emerges as a Key Player in Decentralized Futures Trading

chest

MYX Finance is positioning itself as a revolutionary decentralized futures platform, challenging traditional exchanges and offering unique opportunities for traders.

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.