Connect with us

Hi, what are you looking for?


Breaking: Binance Founder Changpeng ‘CZ’ Zhao Sentenced to 4 Months of Prison for Money Laundering

A Seattle courtroom became the stage for a major moment in the cryptocurrency industry as former Binance CEO Changpeng ‘CZ’ Zhao received a four-month prison sentence on Tuesday.

The sentencing followed Zhao’s guilty plea to money-laundering violations late last year, marking a turning point for the industry giant and its influential founder.

CZ’s Prison Sentence: A Lighter Penalty Than Requested

Judge Richard Jones considered several mitigating factors during the sentencing, including Zhao’s cooperation with law enforcement and the numerous character references submitted to the court. Judge Jones expressed his belief that Zhao was unlikely to re-offend, leading to a sentence considerably shorter than the 36 months the Department of Justice sought.

The Department of Justice had pushed for a longer sentence, arguing that Zhao’s actions constituted violations of U.S. law “on an unprecedented scale.”

CZ got sentenced to 4 months prison. Government asked the judge for 30 months. #binance

— Richard Heart (@RichardHeartWin) April 30, 2024

Prosecutors asserted that Binance, under Zhao’s leadership, had become a hub for illicit financial activities, including transactions linked to extremist groups and individuals involved in child sexual abuse material. The Department of Justice highlighted the severity of these crimes, urging the court to impose a sentence that reflected their gravity.

In contrast, Zhao’s defense team argued for probation, emphasizing his remorse and acceptance of responsibility. They cited Zhao’s contributions to the cryptocurrency industry and his commitment to rectifying past mistakes. Ultimately, the court settled on a four-month CZ prison sentence, a $50 million fine, and a staggering $4.3 billion fine for Binance itself.

Binance’s Future

The CZ prison sentence casts a shadow of uncertainty over Binance’s future. As one of the most recognizable figures in crypto, Zhao’s leadership and vision were instrumental in Binance’s rise to dominance.

While the company has appointed Richard Teng as the new CEO, the complexities of the post-Zhao era and regaining trust within the industry may present a challenge.

How Binance adapts to this new situation and addresses the concerns raised by the case will determine its trajectory in the future.

The post Breaking: Binance Founder Changpeng ‘CZ’ Zhao Sentenced to 4 Months of Prison for Money Laundering appeared first on Cryptonews.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



Pavel Durov, the founder of Telegram, has received a generous donation from over half a million players of the viral Telegram-based clicker game called...


The crypto industry has made a record $94 million in political donations since 2023 in an effort to support pro-crypto governance. According to a...


As the Floki (FLOKI) bulls eye a quick 50% rally from current levels around $0.00021 to yearly highs above $0.00031 after a key technical...


Bank of America (BAC) upgraded its rating on Coinbase (COIN) shares from underperform to neutral on Friday and raised its price target for Coinbase to...


In a major move, Turkey drafted a crypto bill, tabled by the ruling party (AK Party) Group Chairperson Abdullah Güler on May 16, to...


Hong Kong became the first region outside mainland China to allow users to open digital wallets and hold China’s CBDC e-CNY, otherwise known as...

You May Also Like

Financial Advisors


Financial Advisors


Financial Advisors

The humongous outbreak of the dreaded coronavirus has brought about a groundbreaking change in what the world perceived as ‘normal’. With an estimated 280,391,189...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Respect Investment. All Rights Reserved.