Changpeng Zhao, founder of the world’s largest cryptocurrency exchange Binance, was sentenced to four months in prison for failing to stop money laundering.
Known as “CZ”, Zhao pleaded guilty to violating US anti-money laundering laws. Prosecutors had sought a three-year term, but the judge acknowledged he took responsibility and the company settled for $4.3 billion.
This sentence is significantly lighter than the 25 years received by Sam Bankman-Fried, founder of the bankrupt FTX exchange, for stealing customer funds.
Despite the jail time, Zhao’s vast wealth remains untouched, leading some critics to argue the sentence is insufficient.
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