Changpeng Zhao in prison

Crypto's billionire owner Chanpeng Zhao has been sentenced to about 4 months in prison after being proved guilty to the charges against him. He was accused for money laundering violation in his crypto's business. 

 

Changpeng Zhao

Key Points:
                          Here key points you are gonna know about are:

• Binance owner, Changpeng Zhao, proved guilty to the accusations of money laundering violation and has been sentenced to about 4 months in prison.

• U.S prosecutors suggested 3 years sentence for Changpeng Zhao.

• As per the part of agreement with justice department, Zhao stepped down as a CEO. 

Changpeng Zhao struck a deal with U.S government in November about resolving an investigation to Binance(crypto exchange). And as per the section of his deal, he has been stepped down as a CEO of binance.

Changpeng Zhao was accused for failing to implement an effective anti-money laundering program as per required for Bank Secrecy Act and also for allowing binance processing of transaction including proceeding of unlawful activity.

And as per the sources, at federal court in seattle which is present in Washington, U.S, the sentence decided for the Changpeng Zhao is significantly less than 3 years what U.S prosecutors asked for him.

U.S asked binance to pay $4.3 billion in fine and as a penalty of dealing or conducting a business in illegal way while Changpeng Zhao did agree to pay only $50 million fine.

SEC sues the owner of binance, CEO of binance, Changpeng Zhao and Binance for violating securities of U.S.

Whatever was the action against Changpeng Zhao and Binance, was the conclusion of the joint efforts of the CFTC( Commodity Futures Trading Commission) , justice department and Treasury department too while SEC was notably absent.

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