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Did Binance founder Changpeng Zhao break US anti-money laundering laws?

Binance founder Changpeng Zhao has been sentenced to four months in prison for breaking US anti-money laundering laws. Prosecutors requested three years of prison time, double the sentencing guideline of 18 months, because the “scope and ramifications of Zhao’s misconduct were massive,” they wrote in their sentencing memo.

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)

Why did Binance founder Zhao pled guilty?

Zhao, who has amassed a fortune estimated at more than $23 billion, pled guilty to failing to maintain an effective anti-money laundering program. US authorities hope the guilty plea from Binance and its founder, on top of the recent conviction of FTX co-founder Sam Bankman-Fried, will send a clear message to bad actors across the crypto industry.

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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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