Binance crypto boss Changpeng Zhao sentenced to 4 months in prison
Source: BBC
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 $4.3bn (£3.4bn) after a US investigation found it helped users bypass sanctions.
Prosecutors had sought a three-year sentence for the former Binance boss.
Read more: https://www.bbc.com/news/technology-68930465
Federal judge Richard Jones, in fact, is part of the family of music mogul Quincy Jones.
RockRaven
(15,286 posts)The prosecution takes the guilty plea/taking responsibility/yada yada into consideration already when making the sentencing recommendations ON TOP of the fact that guilty pleas usually involve dropping most of the numerous individual counts in favor of the one (or small handful) that get admitted.
And the judge still cuts it down to one-ninth of that? GTFOH.
hueymahl
(2,529 posts)Traditional banks launder 1000x the amount of funds but never do jail time.
Easterncedar
(2,494 posts)For robbery of under $1,000. Hes no angel, sure, and now at least he gets housing and mental health care he cant get on the outside. But the inequity is gross.