Binance Founder To Spend Four Months In Jail
The founder of a cryptocurrency firm, Binance, Changpeng Zhao, was on Tuesday sentenced to four months in prison becoming the world’s richest prisoner with a personal fortune estimated at $43 billion.
He was sentenced by a Seattle court on Tuesday after pleading guilty to violations of United States anti-money laundering and sanctions laws last year.
The four-month sentence was handed down by the US Judge despite prosecutors pushing for a three-year term, as the court took into account the “positive nature of Mr Zhao’s past behaviour.
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Facing his trial, the Prosecutors said Mr Zhao allowed fraudulent activities to happen because it was the “best way to attract users, build his company, and line his pockets”.
The US Government said, “Zhao bet that he would not get caught and that if he did, the consequences would not be as serious as the crime.”
In response, Mr Zhao’s lawyers argued he should not be sent to prison and stressed he was sorry for the harm caused by Binance.
The company was earlier this year ordered to pay $4.3 billion after an investigation found it had helped users bypass sanctions.
During his defence, Mr Zhao apologised for his “mistakes” and said the company had been cooperating with the government’s investigations.
He said that once freed he planned to develop education technology for underprivileged children.
Kazeem Badmus is a graduate of Mass Communication with years of experience. A professional in journalism and media writing, Kazeem prioritses accuracy and factual reportage of issues. He is also a dexterous finder of the truth with conscious delivery of unbiased and development oriented stories.
