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Will Binance's CEO get a three-year prison term for money laundering?

Prosecutors are asking a judge on Tuesday to give Zhao a three-year prison term for allowing rampant money laundering on the platform. He pleaded guilty and stepped down as Binance CEO in November as the company agreed to pay $4.3 billion to settle related allegations. (Ellen M. Banner /The Seattle Times via AP)

Will Binance founder Zhao get a three-year prison term?

Zhao, the founder of Binance, the world’s largest cryptocurrency exchange, faces sentencing Tuesday, April 30, 2024, in Seattle, where U.S. prosecutors are asking a judge to give him a three-year prison term for allowing rampant money laundering on the platform. (Ken Lambert/The Seattle Times via AP, File)

Did Binance's founder take responsibility for a money-laundering scandal?

U.S. District Judge Richard A. Jones credited the founder and former CEO of Binance for taking responsibility for his wrongdoing. Zhao, 47, pleaded guilty in November to one count of failing to maintain an anti-money-laundering program. Binance agreed to pay $4.3 billion to settle related allegations from the U.S. government.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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