Binance founder Changpeng Zhao has now been sentenced to prison by US authorities, after the founder and former CEO of the popular cryptocurrency trading exchange pleaded guilty to money laundering. Changpeng Zhao was sentenced to 4 months in prison.
Binance is seen as enabling transactions involving money laundering, and the platform does not take steps to ensure that the law is fully followed despite having the financial and manpower capabilities.
Previously, Changpeng Zhao also left the CEO position, as part of the resolution of the investigation involving the cryptocurrency trading exchange.
The United States authorities also ordered Binance to pay $4.3 billion, while Changpeng Zhao himself was fined $50 million.
In addition to the founder of Binance, previously the founder of FTX, Bankman-Fried was sentenced to 25 years in prison for offenses involving the FTX crypto trading exchange, due to misappropriation of funds and also fraud.
For information, Binance is banned in Malaysia for not complying with the percentage set by the regulations in Malaysia.