Founder of Binance Sentenced to Four Months in Prison: Will Become the Richest Person to Go to Jail in the US

Binance founder, Changpeng Zhao, has been sentenced to four months in prison after pleading guilty to violating US anti-money laundering laws. The sentence was handed down this Tuesday in Seattle by federal district judge Richard Jones. The 47-year-old entrepreneur was not immediately taken into custody and left the courtroom once the hearing concluded. It is still unclear where he will serve his sentence in federal detention.

The sentencing is substantially shorter than what prosecutors had suggested, who had asked for a three-year prison term, arguing that Zhao had fostered a “Wild West” environment conducive to terrorist groups and other criminals conducting cryptocurrency transactions. However, Judge Jones deemed the suggested sentence inappropriate as there was no evidence to prove Zhao knew that funds passing through the platform were linked to crimes.

Today’s sentencing hearing marks the final chapter of a lengthy legal process centered around the operations of the world’s largest cryptocurrency exchange. The court concluded that Zhao had prioritized Binance’s growth over compliance with US financial regulations, leading to the platform being used for various illicit activities.