The founder of Binance, a cryptocurrency exchange, is to serve four months in prison in the United States.

Quick Summary:

SEATTLE - Changpeng Zhao, the former chief executive of Binance, was sentenced on Tuesday to four months in prison after pleading guilty to violating US laws against money laundering at the world’s largest cryptocurrency exchange.

Prosecutors said Binance employed a “Wild West” model that welcomed criminals, and did not report more than 100,000 suspicious transactions with designated terrorist groups including Hamas, al-Qaeda and Islamic State.

Once considered the most powerful figure in the crypto industry, Zhao, known as “CZ”, is the second major crypto boss to be sentenced to prison.

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Article Details

Category: EconomyBusiness

Markets: ThailandUnited Arab EmiratesUnited States

Topics: Seattle Zhao Crypto Exchange Sentence Sentenced Prosecutors Binance

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-05-01 @ 13:44:00 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: bangkokpost.com

Language: English

Article Length: 772 words

Reading Time: 5 minutes read

Sentences: 27 lines

Sentence Length: 29 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Bangkok Post

News ID: 20846464

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Main Topics: EconomyBusiness

Official Website: bangkokpost.com

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