“The founder of the largest crypto exchange Binance, Changpeng Zhao, spent four months in custody when he pleaded guilty to violating the US anti-money laundering law.”, — write: www.epravda.com.ua
The founder of the largest crypto exchange Binance, Changpeng Zhao, spent four months in custody when he pleaded guilty to violating the US anti-money laundering law.
About this informs Bloomberg.
Binance founder Changpeng Zhao was released from a California penitentiary on Friday after being under federal arrest for flaws that allowed cybercriminals and terrorist groups to freely trade on the world’s largest cryptocurrency exchange.
Zhao, 47, pleaded guilty in November to failing to implement an adequate anti-money laundering program at Binance, an exchange that was founded in Shanghai in 2017 and processes trillions of dollars in transactions each year. Scott Taylor, a spokesman for the Bureau of Prisons, confirmed that Zhao was released Friday from a rehabilitation center in Long Beach, California.
He arrived at the low-security prison in June to serve his four-month sentence.
Zhao also agreed to pay a personal fine of $50 million. Binance paid $4.3 billion in penalties to settle the case, which included a series of troubling allegations related to violations of anti-money laundering and sanctions laws. As part of the deal, Zhao stepped down as CEO of Binance and is not eligible to hold executive positions at the company.