Founder of Binance cryptocurrency exchange sentenced to 4 months in prison

The founder of the world's largest cryptocurrency exchange, Binance, Changpeng Zhao, has been sentenced to 4 months in prison. An American court found him guilty of violating anti-money laundering laws.

According to the BBC, according to the indictment, Changpeng Zhao allowed criminals to engage in money laundering on his platform.

American authorities accuse the exchange of intentionally concealing information from law enforcement, undermining the regime of sanctions enforcement, and failing to report suspicious transactions. Prosecutors demanded a three-year prison sentence for Changpeng Zhao.

It is worth noting that the businessman stepped down as head of the cryptocurrency exchange in November of last year. After stepping down, Changpeng Zhao admitted guilt in violating US anti-money laundering laws and agreed to pay a fine of $50 million. The company itself is required to pay $4.3 billion to US authorities.

According to Forbes, Changpeng Zhao's net worth is $33 billion.