Former Binance CEO Changpeng Zhao sentenced to four months in prison
The prosecution wanted three years after a negotiated guilty plea. Instead he got just four months.That's a far cry from the 25 years given to this rival Sam Bankman-Fried.Then again, no one who had money invested in Binance was swindled."There's no evidence that the defendant was ever informed" of illegal activity at Binance, the judge said regarding the one count of violating bank secrecy laws that he was convicted of."The court finds the defendant has accepted responsibility," the judge said. "Everything I see about you and your characteristics are of a mitigating nature," the judge said to Zhao as he began to read through his order.Previously he agreed to a $50 million fine but Bloomberg on Monday estimated he could be worth $43 billion, something that would make him the richest US inmate ever. This article was written by Adam Button at www.forexlive.com.
The prosecution wanted three years after a negotiated guilty plea. Instead he got just four months.
That's a far cry from the 25 years given to this rival Sam Bankman-Fried.Then again, no one who had money invested in Binance was swindled.
"There's no evidence that the defendant was ever informed" of illegal activity at Binance, the judge said regarding the one count of violating bank secrecy laws that he was convicted of.
"The court finds the defendant has accepted responsibility," the judge said. "Everything I see about you and your characteristics are of a mitigating nature," the judge said to Zhao as he began to read through his order.
Previously he agreed to a $50 million fine but Bloomberg on Monday estimated he could be worth $43 billion, something that would make him the richest US inmate ever. This article was written by Adam Button at www.forexlive.com.
