Tuesday evening in the United States, Judge Richard Jones handed down the sentence to Changpeng Zhao (CZ), founder and former CEO of Binance. The sentence amounts to 4 months’ imprisonment, far less than what had been requested by the prosecutors.
Changpeng Zhao’s sentence amounts to 4 months in prison
While Changpeng Zhao (CZ) had pleaded guilty to violating anti-money laundering laws in the case that led him to resign as CEO of Binance, the cryptocurrency ecosystem was hanging on Tuesday, April 30 to find out his sentence. Judge Richard Jones sentenced Changpeng Zhao to 4 months in prison during a session in Seattle District Court.
The sentence fell well short of what had been requested by the prosecutors in charge of the case, who had asked for 36 months’ imprisonment. Prior to sentencing, Richard Jones criticized CZ for not playing the regulatory game despite the resources at its disposal:
You had the means, the financial capacity and the popular power to ensure that every regulation had to be complied with, and so you didn’t seize that opportunity
For his part, the interested party said he was sorry and acknowledged his wrongdoing:
“I believe that the first step in assuming responsibility is to fully acknowledge one’s mistakes. Here, I failed to implement a proper anti-money laundering program… I now realize the seriousness of this mistake. “
Aside from his conviction, Changpeng Zhao also published a message on X, in which he thanks the people who supported him. At the same time, he turns the situation on its head, explaining that the surveillance now being carried out on the exchange is supposed to prove that users’ funds are safe:
I would like to thank everyone for your care and support, be it writing letters, showing support on X, or in any other form. They all mean a lot to me and keep me strong. I will do my time, conclude this phase and focus on the next chapter of my life (education).
I will remain a…
– CZ BNB (@cz_binance) May 1, 2024
For the time being, however, Changpeng Zhao is not yet in prison. According to Reuters, he is expected to turn himself in to serve his sentence at a detention center near Seattle airport
