Binance's CZ Sentenced To 4 Months
Coinbase Integrates Lightning Network, SEC's Gensler Accused Of Misleading Congress
In a Seattle courtroom, Binance’s ex-CEO Changpeng Zhao was sentenced to four months in prison.
The matter concerns the Binance AML and Bank Secrecy Act violations scandal from last year, where the company agreed to pay $4.3 billion in a plea deal. The fate of CZ was yet to be decided,
U.S. Judge Richard Jones said "There's no evidence that the defendant was ever informed" of illegal activity at the company, and sounded skeptical during the DOJ’s arguments for a 10 to 16 month sentence.
CZ has accepted responsibility, saying that he failed to “fully set up“ a KYC process and that he recognizes the importance of it alongside AML.
CZ plead guilty in November to one count of the Bank Secrecy Act violations, which would usually carry up to 10 years; the guilty plea and his cooperation reduced the sentence.
This cooperation, according to the defense attorney, was documented and even acknowledged by the DOJ.
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