The verdict for former Binance CEO – Changpeng Zhao has been delivered today by Judge Richard Jones in Seattle court. The billionaire crypto founder, popularly known as CZ, was sentenced to four months in prison time. The sentencing is drastically less than the anticipated prison time of at least 3 years.
The charges against him, bought by the US Department of Justice (DoJ), claimed that Zhao wilfully made several business decisions that violated US laws. The DoJ claimed that this was done to “attract users, build his company, and line his pockets.”
More importantly, the DoJ claimed that the firm had not placed adequate anti-money laundering programs as required by the US laws. All of which, resulted in the crypto exchange – Binance processing illicit transactions, including transactions related to terrorist organisations such as Al-Qaeda and Hamas.
The story is still developing.
