Binance Founder CZ Sentenced To 4 Months In Prison

The co-founder and former CEO of the renowned cryptocurrency exchange, Binance, Changpeng Zhao (also known as CZ), has been sentenced to a four-month prison term. The decision came after Zhao pleaded guilty to violating anti-money laundering laws.

Binance Founder CZ Sentenced for Legal Violations

Despite US prosecutors recommending a three-year sentence, the sentencing was rescheduled and finally held recently. Binance, under Zhao's leadership, was once a dominant force in the digital asset industry. However, lengthy investigations into the platform's operations resulted in significant legal repercussions.

These investigations culminated in a $4.3 billion fine for Binance due to its legal violations, leading to Zhao's departure from the company. The Seattle judge, while agreeing with the prosecutors on Zhao's guilt, reduced the recommended sentence.