Binance founder sentenced to 4 months in prison

Changpeng Zhao, founder and former chief executive of cryptocurrency exchange Binance, pleaded guilty to money laundering violations.

Changpeng Zhao, the billionaire founder of cryptocurrency exchange giant Binance, was sentenced to four months in prison on Tuesday, a much lighter sentence than other executives crypto have incurred since the industry implosion in 2022.

Mr. Zhao pleaded guilty last year to money laundering violations, acknowledging that his company allowed terrorist groups and other criminals access to its platform. Defense attorneys asked for probation without any prison time, while prosecutors requested a three-year sentence, calling it an "unprecedented" crime.

But Judge Richard A. Jones, who oversaw the case in U.S. District Court in Seattle, said in court Tuesday that Mr. Zhao had taken responsibility for his offenses and was unlikely to he is breaking the law again.

“Your conduct does not warrant a 36-month sentence,” Judge Jones said. He called Mr. Zhao “a father "devoted and generous family man" and praised his "stunning success" in building Binance.

Dressed in a dark suit and light blue tie, Mr Zhao, 47, did not visibly react to the announcement of the sentence, but he nodded vigorously during Judge Jones' statement and placed his hand on his heart.

“I failed here,” Mr. Zhao said in brief remarks to the court. "I deeply regret my failure and I am sorry."

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