After six years of investigation, CZ gets four months in prison — a vacation compared to Sam Bankman-Fried.
A United States judge has sentenced former Binance CEO Changpeng “CZ” Zhao toserve three years for failing to maintain an effective Anti-Money Laundering program while at the crypto exchange, to which he pleaded guilty.
A four-month sentence and billions of dollars in fines may seem like a light punishment to U.S. authorities, who have been investigating the former executive and its crypto empire“General deterrence appears to be the main rationale behind the term of imprisonment,” Aaron Lane, a senior law lecturer at Melbourne’s RMIT Blockchain Innovation Hub,Lane said the U.S. “was justified” in bringing the charges against Zhao.
The trial is separate from tax evasion charges brought against Binance, Gambaryan and Anjarwalla by Nigeria’s Economic and Financial Crimes Commission. All parties have pleaded not guilty in the money laundering case.Alexander Vinnik, the co-founder of the crypto exchange BTC-e, has pleaded guilty to money laundering conspiracy. This follows a broader investigation revealing extensive illegal activities on the exchange from 2011 to 2017.
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