Binance’s Founder, Changpeng Zhao, has been sentenced
to four months in prison after pleading guilty to charges related to allowing
money laundering on the cryptocurrency exchange. The sentence, handed down in a
Seattle federal court, marked a significant development in the ongoing legal
battles involving Binance and Zhao.

The Plea Deal and Sentencing

Zhao’s sentencing comes after he struck a deal with
the U.S. government in November to resolve a longstanding investigation into
Binance. As part of the settlement, Zhao agreed to step down from his role as
CEO of the company.

Despite federal prosecutors initially seeking a
three-year prison term for Zhao, the sentence issued is less severe. The
defense had advocated for five months of probation, while sentencing guidelines
suggested a term of 12 to 18 months.

Expect ongoing updates as this story evolves.

This article was written by Jared Kirui at

Source link