The founder of Binance has been sentenced to four months in prison, marking the second major crypto boss to serve jail time in the US.
Binance founder and former CEO Changpeng Zhao has been sentenced to four months in prison in the US after he pleaded guilty to violating money laundering laws, according to a «Reuters» report. This is significantly shorter than the three years originally sought by the Department of Justice. Separately, Binance and Zhao agreed in November to pay a $4.3 billion and $50 million penalty, respectively, to the US Commodity Futures Trading Commission.
Zhao becomes the second major crypto boss to be sentenced to prison in the US. In March, FTX founder Sam Bankman-Fried was sentenced to 25 years in prison for stealing $8 billion in customer funds. He is currently appealing his conviction and sentence.
