Changpeng Zhao, the creator of Binance, was sentenced to four months in prison in Seattle, Washington, for money laundering, unauthorized money transmission, and other crimes.
According to Richard Jones, the presiding judge, Zhao prioritized “Binance’s growth and profits over compliance with US laws and regulations” at a sentencing hearing on Tuesday.
According to US investigators, Zhao purposefully turned a blind eye to transactions that fueled terrorism, the illegal drug trade, and child sexual abuse.
“I failed here. I deeply regret my failure, and I am sorry,” Zhao told the court.
“I believe the first step of taking responsibility is to fully recognise the mistakes. Here I failed to implement an adequate anti-money-laundering programme. I realise now the seriousness of that mistake.”
The four-month sentence is lower than the three years prosecutors sought.
Prosecutors told the judge a tough sentence would Send a clear signal to other would-be criminals.
