Binance's Founder Sentenced to 4 Months in Prison for Money Laundering Violations

Changpeng Zhao, the CEO of Binance, has pleaded guilty to violating US anti-money laundering laws. He was sentenced to 4 months in prison and agreed to pay a $50 million fine as part of his plea deal. The sentence is significantly shorter than the three-year prison term prosecutors had sought, which was more than twice the guideline range. Zhao's sentencing memorandum had requested probation without any prison time, but the judge ultimately decided on a 4-month prison term. It is unclear why Zhao pleaded guilty to failing to take effective measures against money laundering, as some articles suggest he may have been involved in illegal activities. Binance has also agreed to pay $4.3 billion to settle charges related to its anti-money laundering practices. Zhao resigned from his post as part of the deal with US authorities.