In November, “CZ” accepted a deal with the American justice system, pleading guilty to violating American laws with its crypto exchange.
The verdict is in. Changpeng Zhao (known as “CZ”), the former Binance boss, was sentenced on Tuesday May 1 to 4 months in prison, after pleading guilty to violating American laws with his crypto exchange. “You had the means, the financial capacity and the authority to ensure that every regulation was followed and you failed to take advantage of that opportunity,” U.S. Attorney Tessa Gorman told CZ following the trial.
As a reminder, in November 2023, the Binance platform agreed to pay more than $4.3 billion to the US Treasury to end an investigation concerning it. The crypto exchange was accused by American justice of money laundering and bank fraud on American soil. As part of the deal, CZ pleaded guilty, agreeing to resign.
“Severity of this error”
“The first step in taking responsibility is to fully acknowledge the mistakes. Here, I failed to implement an adequate anti-money laundering program… I now realize the seriousness of this mistake,” he said. declared CZ.
The 47-year-old is expected to serve his prison sentence in a detention center near Seattle-Tacoma International Airport, Reuters reports. This sentence remains below the 3 years in prison requested by American prosecutors last week.
Ironically, CZ remains the world’s richest crypto billionaire, with his fortune rising to $33 billion, up from $10.5 billion last year, according to the latest Forbes ranking. A high fortune due to its majority stake in Binance, which remains the largest global crypto platform.
Since his resignation, CZ has left the world of cryptocurrencies, embarking on a new project: Giggle Academy. It is an education platform through games aimed at children around the world, particularly in certain disadvantaged areas.
Source: https://www.bfmtv.com/crypto/changpeng-zhao-l-ex-patron-de-binance-condamne-a-4-mois-de-prison-aux-etats-unis_AV-202405020595.html
