Changpeng Zhao is fined $50 million and sentenced to 4 months in jail for breaches of money laundering laws.
On Tuesday, Changpeng Zhao, the ex-CEO of Binance, a cryptocurrency exchange, received a four-month jail term, a US$4.3 billion punishment for Binance, and a US$50 million fine for himself.
Last year, Zhao pleaded guilty to accusations of money laundering. A three-year sentence was the recommendation of the Department of Justice.
One of his goals upon release from prison is to continue developing the Giggle Academy, a program that aims to offer children all around the world a basic education that is both accessible and flexible.
“I want to serve my sentence, finish this period, and then turn my attention to the educational path that lies ahead of me. I want to keep my crypto holdings and investments low-profile. A new chapter has begun in our industry. Commitment is essential. Fortunately, Binance has been the object of criticism throughout all of this. And funds are SAFU,” Zhao said on X.
U.S. officials have been investigating Binance and Zhao for potential violations of anti-money laundering laws and penalties since 2018.
Binance was charged by the investigators—who included the DOJ, the SEC, and the CFD—of facilitating transactions for persons associated with terrorism and child trafficking.
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