The Founder of Binance ultimately received a 4-month prison sentence and a fine of $50 million.
Justice has finally ruled on the fate of Changpeng Zhao (CZ), founder of Binance, in the context of the case opposing him to the US Department of Justice. The latter imposed a sentence of 4 months in prison on the former CEO of Binance, eight times less than what American prosecutors requested.
After many months of waiting, Changpeng Zhao is now determined on his fate. The founder of Binance received a 4-month prison sentence after pleading guilty to violating the bank secrecy law. The penalty is significantly less than the 36 months in prison required by the US Department of Justice. It is motivated by the fact that, according to the judge, the links of the former manager with the illicit activities of Binance have not been proven.
Added to this is the acceptance by the founder of Binance of his responsibility in the matter. A cooperative attitude analyzed by the judge as being a mitigating circumstance. This even though the latter recognizes its negligence with regard in particular to the KYC procedures of the crypto exchange. As a result, Changpeng Zhao will have to pay a fine of $50 million in addition to his prison sentence. Peanuts for the man whose fortune is estimated at $43 billion.
