Changpeng “CZ” Zhao, Ex-CEO of Binance, Sentenced to Prison
As you may know, Changpeng “CZ” Zhao, the former CEO of Binance, has been officially sentenced to three years in prison for allowing the cryptocurrency exchange to violate federal laws on sanctions and money laundering.
– The United States Department of Justice announced this sentence on Tuesday evening
– Zhao must serve 36 months in prison and pay a $50 million fine
– He pleaded guilty to violating the Bank Secrecy Act in November
– The conviction serves as a strong message that breaking US laws for profit comes with consequences
Binance and Zhao: A Shift from Plea Bargaining to Harsher Sentencing
– Initially, Zhao faced up to 18 months in prison as per his plea deal
– The Department of Justice argued for a harsher penalty due to the extent of Zhao’s misconduct
– Binance’s lack of an effective anti-money laundering program facilitated illegal activities
– Illicit actors exploited the exchange to conceal the origin of funds through various means
– The $50 million fine agreed upon by both parties reflects the seriousness of the violations
The Philippine SEC Acts Against Binance Apps on Google & Apple stores
– The Philippine SEC requested the removal of Binance apps from Google Play and Apple App Store
– The presence of Binance apps is considered a threat to Filipino citizens’ investment security
– Binance’s apps and websites violate local laws, prompting the SEC’s action
– The removal of apps aims to prevent further illegal activities and protect the public
– This move is part of broader efforts to safeguard investors and uphold national laws in the crypto industry
Hot Take: A Crypto Industry in Turmoil
After confessing to breaking money laundering laws, Changpeng “CZ” Zhao, former CEO of Binance, has been sentenced to three years in prison.
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