1 May 2024

BREAKING: Binance ex-CEO CZ Zhao sentenced to FOUR months in prison.

Former Binance CEO Changpeng "CZ" Zhao was sentenced to four months in prison Tuesday, punished after pleading guilty to money laundering violations last year. Zhao founded Binance in 2017, and under his leadership, the company grew into crypto’s largest exchange by trading volume—cementing Zhao’s presence as a key business figure in the nascent crypto industry. But the former CEO was forced to step down from Binance last November as part of a $4.3 billion settlement between him, the exchange, and U.S. law officials. U.S. Justice Department officials said that Zhao created a company culture in which Binance’s growth was prioritized over compliance with U.S. financial rules. By serving American customers without the proper controls in place, funds linked to virtual theft and terrorism were able to flow through Binance undetected, officials said. Source: Decrypt


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