Ex-Binance chief jailed for four months in US
SEATTLE
The founder of cryptocurrency firm Binance was sentenced to four months in U.S. prison on April 30 after pleading guilty to money laundering charges, in the most high-profile crypto case since Sam Bankman-Fried was jailed.
Changpeng Zhao, a Canadian, resigned from his post at the world's largest cryptocurrency exchange platform late last year as part of a deal with U.S. authorities.
According to investigations by two Treasury agencies, Binance failed to prevent transactions by movements such as ISIL, al-Qaeda or the armed wing of Hamas.
Zhao pleaded guilty to violating U.S. anti-money laundering laws and Binance agreed in February to pay $4.3 billion to settle charges.
Prosecutors had asked the judge to impose three years behind bars for a crime that typically results in probation, according to a court filing.
"He made a business decision that violating U.S. law was the best way to attract users, build his company, and line his pockets," Justice Department lawyers said of Zhao in a sentencing memorandum.
"The sentence in this case will not just send a message to Zhao but also to the world."
Attorneys for Zhao countered in a filing that being punished with probation is just, appropriate, and in line with legal precedent.
They cited Zhao's acceptance of responsibility along with what they called his philanthropic track record.
