Binance’s billionaire founder gets 4 months for violating money laundering law

Enlarge / Former Binance CEO Changpeng Zhao arrives at federal court in Seattle for sentencing on Tuesday, April 30, 2024. (credit: Getty Images | Changpeng Zhao)

Binance founder Changpeng Zhao was sentenced today to four months in prison after pleading guilty of failing to take effective measures against money laundering. The billionaire who formerly ran the world’s largest cryptocurrency exchange previously agreed to a plea deal that also required him to pay a $50 million fine.

The US government’s sentencing request asked for three years in prison. Zhao’s sentencing memorandum asked for probation without any prison time.

Forbes estimates Zhao’s net worth at $33 billion. He pleaded guilty to failure to maintain an effective anti-money laundering program.