Binance Founder Faces Three Years In Jail For Money Laundering

The founder of Binance, Changpeng Zhao, is facing a three-year jail sentence for money laundering charges. The 47-year-old resigned as CEO of Binance in November after pleading guilty to the charges. U.S. prosecutors are recommending a three-year prison term for Zhao, double the maximum 18 months suggested by federal guidelines. They likened Binance’s operations under his leadership to the “wild west” and highlighted the company’s failure to report suspicious transactions, some involving terror groups like al-Qaida, Isis, and Hamas. Despite the penalties, Zhao’s net worth remains at $41.6 billion, making him the 29th richest person in the world. Zhao has been free on a $175 million bond since his guilty plea and has expressed remorse in a letter to the judge. His lawyers have requested a lenient sentence citing Zhao’s acceptance of responsibility and the significant financial penalties already paid. Stay updated on this developing story.