Binance Founder Sentenced to 4 Months in Prison for Money Laundering Charges

  • 4 months ago
Changpeng Zhao, the founder of cryptocurrency exchange Binance, was sentenced to 4 months in prison for money laundering charges. He pleaded guilty last year after Binance paid over $4 billion in fines and penalties for anti-money laundering violations and other charges. Zhao apologized and said it would not happen again. US authorities previously said Binance allowed criminal transactions like child abuse and terrorism financing. Binance lacked protocols to identify or report money-laundering transactions, and an internal communication revealed employees knew this oversight attracted criminals.
Transcript
00:00It's Benzinga, and here's what's on the block.
00:02Changpeng Zhao, the founder of cryptocurrency exchange Binance,
00:05was sentenced to four months in prison for money laundering charges.
00:09He pleaded guilty last year after Binance paid over $4 billion in fines and penalties for
00:13anti-money laundering violations and other charges. Zhao apologized and said it would
00:18not happen again. U.S. authorities previously said Binance allowed criminal transactions like
00:22child abuse and terrorism financing. Binance lacks protocols to identify or report money
00:27laundering transactions, and an internal communication revealed employees knew
00:31this oversight attracted criminals. For all things money, visit Benzinga.com.

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