Close Menu
AlexaBlockchain
  • News
  • Press Releases
    • Submit Press Release
  • Adoption
  • Funding
  • Interview
  • Policy
  • Explained
    • Bitcoin Halving 2024: Will it Trigger the Next Bull Run?
    • Everything You Wanted to Know About Bitcoin But Were Too Afraid To Ask
    • Cryptocurrency: what makes it so popular?
    • Top Five Crypto Scams And How To Avoid Them
    • Cloud Mining Explained
    • What are NFTs?
    • What is a Web3 Browser?
    • How To Build High Quality Crypto Backlinks
  • About
  • Advertise
  • Trending
    • #BitcoinHalving
    • #CloudMining
    • #Web3.0
    • #Metaverse
    • #NFTs
    • #PlayToEarn
    • #DeFi
    • #BlockchainTechnology
    • #Bitcoin
    • #Cryptocurrency
    • #DigitalAssets
Facebook X (Twitter) Instagram
Sunday, June 1
  • Advertise
  • Crypto PR
  • Partner
  • Submit Press Release
  • Contact Us
X (Twitter) Facebook LinkedIn Instagram
AlexaBlockchain
Banner
  • News
  • Press Releases
    • Submit Press Release
  • Adoption
  • Funding
  • Interview
  • Policy
  • Explained
    • Bitcoin Halving 2024: Will it Trigger the Next Bull Run?
    • Everything You Wanted to Know About Bitcoin But Were Too Afraid To Ask
    • Cryptocurrency: what makes it so popular?
    • Top Five Crypto Scams And How To Avoid Them
    • Cloud Mining Explained
    • What are NFTs?
    • What is a Web3 Browser?
    • How To Build High Quality Crypto Backlinks
  • About
  • Advertise
  • Trending
    • #BitcoinHalving
    • #CloudMining
    • #Web3.0
    • #Metaverse
    • #NFTs
    • #PlayToEarn
    • #DeFi
    • #BlockchainTechnology
    • #Bitcoin
    • #Cryptocurrency
    • #DigitalAssets
AlexaBlockchain
You are at:Home » Binance Founder CZ Sentenced to a Mere Four Months for Money Laundering Violations
Featured

Binance Founder CZ Sentenced to a Mere Four Months for Money Laundering Violations

Legal experts note that while Zhao's sentence reflects a departure from the severity of Bankman-Fried's punishment, it underscores the consequences of regulatory non-compliance in the crypto space.
Rakhi ShahBy Rakhi ShahMay 1, 2024Updated:May 2, 2024No Comments2 Mins Read
Twitter Facebook LinkedIn Reddit Email WhatsApp
Binance Founder Changpeng Zhao Sentenced to a Mere Four Months for Money Laundering Violations
Binance Founder Changpeng Zhao Sentenced to a Mere Four Months for Money Laundering Violations
Share
Twitter Facebook LinkedIn Pinterest Reddit Telegram Email WhatsApp

Changpeng Zhao, the once-revered founder and former CEO of Binance, faced the gavel on Tuesday, receiving a four-month prison sentence after pleading guilty to violating U.S. laws against money laundering within his cryptocurrency exchange empire.

Once hailed as the crypto industry’s leading figure, Zhao, affectionately known as “CZ,” now joins the ranks of those facing legal consequences for their actions. His sentencing marks a significant moment in the ongoing scrutiny of cryptocurrency platforms by regulatory authorities.

U.S. District Judge Richard Jones, presiding over the case in Seattle, handed down a sentence notably shorter than what prosecutors had sought. Despite calls for a three-year term, Zhao’s four-month sentence fell below the maximum guideline recommendation of 1-1/2 years.

Comparatively, Zhao’s fate diverges sharply from that of Sam Bankman-Fried, the founder of FTX exchange, who received a staggering 25-year sentence in March for misappropriating $8 billion from customers. Bankman-Fried’s case is currently under appeal.

Prosecutors hailed Zhao’s sentencing as a significant victory, concluding a years-long investigation into Binance’s operations and Zhao’s personal involvement. U.S. Attorney Tessa Gorman lauded the outcome outside the courthouse, emphasizing the importance of incarceration in addressing financial misconduct.

Judge Jones, in his remarks, criticized Zhao for prioritizing Binance’s growth and profitability over adherence to U.S. regulations, highlighting the billionaire’s missed opportunity to ensure compliance. Zhao, stoic in response, appeared in court accompanied by family members, accepting his fate in a navy blue suit and tie.

The sentencing comes amidst revelations of Binance’s “Wild West” approach, which allegedly facilitated criminal activities and failed to report suspicious transactions. Prosecutors outlined instances where the exchange supported illicit activities, including the sale of child sexual abuse materials and the handling of ransomware proceeds.

Expressing remorse before the court, Zhao acknowledged his failure to implement adequate anti-money laundering measures, recognizing the gravity of his mistakes. Despite his plea for probation, Zhao will voluntarily surrender to serve his sentence, likely at a detention center near Seattle-Tacoma International Airport.

Legal experts note that while Zhao’s sentence reflects a departure from the severity of Bankman-Fried’s punishment, it underscores the consequences of regulatory non-compliance in the crypto space. Defense arguments regarding Zhao’s intent and desire for societal impact were considered, but did not sway the sentencing decision.

Read Also: Binance Founder Changpeng Zhao Embarks on a New Venture, an ‘Education Project’

Binance Changpeng Zhao (CZ) United States
Share. Twitter Facebook LinkedIn Reddit Pinterest Tumblr Telegram Email WhatsApp
Rakhi Shah
  • Website

R Shah is a journalist and writer based out of Delhi, India. She is an Economics graduate from Delhi University. She can be reached at R.Shah@alexablockchain.com.

More AlexaBlockchain

Katana Launches High-Yield DeFi Blockchain Backed by GSR and Polygon Labs

May 28, 2025

FTX to Distribute Over $5 Billion to Creditors in Second Payout Round Starting May 30, 2025

May 16, 2025

GOAT Gaming launches Amy, the first AlphaGOAT Pro AI agent

May 6, 2025

Bitcoin Sets Course for $152K by Q1 2026

May 3, 2025

Bitcoin Nears $100K as Institutions and Macro Tailwinds Fuel Crypto Rally

May 2, 2025

Taurus Brings Institutional-Grade Crypto Staking for Global Banking Clients

April 29, 2025
Add A Comment

Comments are closed.

Don't Miss

QFSCOIN Launches Affordable Cloud Mining Contracts to Democratize Bitcoin Access

Liquidium Launches Cross-Chain Bitcoin Lending Without Wrapped Tokens or Bridges

Katana Launches High-Yield DeFi Blockchain Backed by GSR and Polygon Labs

Sony’s Soneium Brings Viral Telegram Game Sleepagotchi to 200M Users via LINE

Trending Topics
  • Blockchain News
  • Blockchain Technology
  • Blockchain Platforms
  • Blockchain Regulation
  • Bitcoin News
  • Ethereum News
  • Ripple News
  • Tezos News
  • CBDC
  • NFTs
Featured Companies
  • Binance
  • Tech Mahindra
  • Huobi
  • Efforce
  • Future FinTech Group
  • SuburbanColors
  • Launchpool Labs
  • Lucky Crab Club
  • SIMBA Chain
  • Bulldog Law
Stay Updated
  • Events
  • Newsletters
  • Follow
  • Follow on Google News
  • Blockchain Directory
Get In Touch
  • Crypto PR
  • Advertise
  • Partner
  • About
  • Masthead
  • Careers
  • Write for Us
  • Submit Press Release
  • Submit Guest Post
  • Contact US
Copyright © 2025. AlexaBlockchain
  • About
  • Advertise
  • Crypto PR
  • Submit Press Release
  • Write for Us
  • Careers
  • Privacy Policy
  • Affiliate Disclosure
  • Disclaimer
  • Contact

Type above and press Enter to search. Press Esc to cancel.