Former Binance CEO, Changpeng Zhao, commonly known as CZ, has been sentenced to four months in prison by US District Judge Richard Jones in Seattle. The sentence comes after Zhao pleaded guilty to violating US money-laundering laws at Binance, the world’s largest cryptocurrency exchange.
Rejecting the prosecution’s request for a three-year term, Judge Jones imposed a four-month prison sentence on the 47-year-old Zhao. Once regarded as the most influential figure in the crypto industry, Zhao’s conviction marks another major blow to the cryptocurrency world. This development follows the recent imprisonment of another prominent crypto executive.
The charges against Zhao highlight the increasing scrutiny faced by cryptocurrency exchanges regarding their compliance with anti-money laundering regulations. The case serves as a reminder that even high-profile individuals in the industry are not exempt from legal consequences.
