Binance founder Changpeng Zhao sentenced to four months in prison [Verge, The]
Coinbase Global, Inc. - Class A (COIN)
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Source: Verge, The
Share this story Binance founder Changpeng Zhao was sentenced to four months in prison for failing to establish adequately anti-money laundering protections. Zhao, once the head of the largest crypto exchange in the world, pleaded guilty in November 2023. Judge Richard Jones says that Zhao prioritized “Binance's growth and profits over compliance with US laws and regulations.” While Jones doesn't think Zhao is unlikely to reoffend, the scale of the crime is notable. Binance “violated US law on an unprecedented scale” Though Zhao is not as well-known as FTX fraudster Sam Bankman-Fried , he is a more important figure in the crypto world. The Chinese-Canadian entrepreneur founded Binance in 2017. Though he was required to step down as CEO of the exchange as part of his plea agreement, he is still the controlling shareholder of the company, which one person told Bloomberg was “a massive shitcoin casino.” Binance listed many more tokens than competitors such as Coinbase. Pros
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- 5/20/24 - Form 144
- COIN's page on the SEC website