Binance founder sentenced

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Binance founder Changpeng Zhao received a four-month prison sentence for his failure to establish sufficient anti-money laundering measures. Zhao, formerly the leader of the world's largest cryptocurrency exchange, admitted guilt in November 2023.

Prosecutors sought a three-year prison term, twice the 18-month sentencing guideline, citing the extensive scope and impact of Zhao's wrongdoing in their sentencing memorandum. They also argued that Zhao's sentence should reflect the significant harm to US national security resulting from his criminal actions.