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Breaking! Binance Ex-CEO Changpeng Zhao Imprisoned in California

CZ Binance

The post Breaking! Binance Ex-CEO Changpeng Zhao Imprisoned in California appeared first on Coinpedia Fintech News

As per CNBC Reports, Binance Ex-CEO Changpeng Zhao has been imprisoned in Lompoc, California. The News was confirmed by his defense team at Latham & Watkins.

In April, the United States federal court in Seattle sentenced Changpeng Zhao to four months after he pleaded guilty to violating money laundering laws. The former CEO of Binance received a sentence significantly shorter than the three years federal prosecutors had requested. The defense had sought a five-month probationary period, while the recommended prison sentence ranged between 12 and 18 months.

After the sentence, Zhao has expressed his remorse and acknowledged that he has failed to enforce strong anti-money laundering measures in Binance. He said in the court, “I believe the first step of taking responsibility is to fully recognize the mistakes.” He stepped down as Binance CEO as a part of his plea deal in November, and agreed to heavy financial penalties. However, he continues holding around 90% financial interest in the company.

Additionally, Zhao and Binance agreed to pay the US Commodity Futures Trading Commission a $4.3 billion and a $50 million penalty.

After FTX Founder Sam Bankman-Fried, Zhao becomes the second crypto billionaire to be sentenced. 

Also Check Out: Biden’s Surprise Veto Saves SEC Crypto Guidance: What’s Next for Crypto?

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