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Binance founder, Changpeng Zhao bags jail term for money laundering
Changpeng Zhao, the billionaire founder of cryptocurrency exchange Binance, has been sentenced to four months in prison in the United States of America.
Zhao was sentenced by Seattle-based U.S. District Judge, Richard Jones, on Tuesday, April 30, following his guilty plea to anti-money laundering law violations.
Prosecutors had asked that Changpeng Zhao be jailed for up to three years when he appeared in a Seattle court as part of an effort by the Justice Department to clamp down on misbehaviour in the crypto space.
In his plea deal, Zhao agreed to step down as Binance’s CEO and pay a $50 million fine for failing to maintain an effective anti-money laundering program, as well as sanctions violations linked to users in Iran, Cuba, Syria, and Russian-occupied areas of Ukraine.
National Daily reports that Binance has been facing similar charges of money laundering in Nigeria.
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