The Founder of Binance, Changpeng Zhao, has been jailed in the United States of America.
He was accused of lapses that enabled cybercriminals and terrorist organisations to operate freely on the globe’s leading cryptocurrency exchange.
The ruling, delivered by US District Judge Richard Jones in Seattle on Tuesday, underscores the gravity of Zhao’s regulatory oversights.
Presenting himself in a sombre demeanour, clad in a dark suit complemented by a light blue tie, the billionaire, who was jailed for four months, was accompanied by a retinue of legal counsels as he entered the courtroom.
With his mother and sister observing the proceedings from the front row, as reported by Verge’s live stream of the hearing, the gravity of the moment was palpable.
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Prosecutors, in their sentencing memorandum, pushed for an extended three-year incarceration term – twice the standard guideline of 18 months – citing the extensive impact of Zhao’s transgressions.
Conversely, Zhao’s legal team countered with a plea for no custodial sentence, citing the absence of precedent for imprisonment in similar Bank Secrecy Act cases.
Judge Richard Jones, in his assessment, underscored Zhao’s prioritisation of Binance’s expansion and profitability over adherence to US regulatory statutes.
While expressing doubt regarding Zhao’s likelihood of repeating such infractions, Judge Jones emphasised the sheer scale of the wrongdoing.
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