The founder of the world’s largest crypto exchange has been sentenced to four months in prison for allowing criminals to launder money on his platform.
Changpeng Zhao resigned from Binance in November and pleaded guilty to violating US money laundering laws.
Binance was ordered to pay a $4.3bn (£3.4bn) after a US investigation found it helped users bypass sanctions.
Binance was ordered to pay a $4.3bn (£3.4bn) after a US investigation found it helped users bypass sanctions.
At a sentencing hearing on Tuesday in Seattle, Judge Richard Jones said Zhao put “Binance’s growth and profits over compliance with US laws and regulations”, according to the Verge.
US officials said in November that Binance and Zhao’s “wilful violations” of its laws had threatened the US financial system and national security.
“Binance turned a blind eye to its legal obligations in the pursuit of profit,” said Treasury Secretary Janet Yellen.
“Its wilful failures allowed money to flow to terrorists, cybercriminals, and child abusers through its platform.”
The founder of the world’s largest crypto exchange has been sentenced to four months in prison for allowing criminals to launder money on his platform.
Binance was ordered to pay a $4.3bn (£3.4bn) after a US investigation found it helped users bypass sanctions.
Changpeng Zhao resigned from Binance in November and pleaded guilty to violating US money laundering laws.
At a sentencing hearing on Tuesday in Seattle, Judge Richard Jones said Zhao put “Binance’s growth and profits over compliance with US laws and regulations”, according to the Verge.
Binance was ordered to pay a $4.3bn (£3.4bn) after a US investigation found it helped users bypass sanctions.
Binance was ordered to pay a $4.3bn (£3.4bn) after a US investigation found it helped users bypass sanctions.
At a sentencing hearing on Tuesday in Seattle, Judge Richard Jones said Zhao put “Binance’s growth and profits over compliance with US laws and regulations”, according to the Verge.
US officials said in November that Binance and Zhao’s “wilful violations” of its laws had threatened the US financial system and national security.
“Binance turned a blind eye to its legal obligations in the pursuit of profit,” said Treasury Secretary Janet Yellen.
“Its wilful failures allowed money to flow to terrorists, cybercriminals, and child abusers through its platform.”
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