Changpeng “CZ” Zhao, Binance founder, pleaded guilty and was sentenced to four months in prison in April 2024 for anti- money laundering violations, a significant reduction from the three-year sentence originally sought by prosecutors

Event date

Mar 31, 2024 - 9:00pm

Quotes that support claims

CZ served four months in prison after pleading guilty to violating the Bank Secrecy Act by not implementing an effective anti-money laundering program at Binance. The four-month sentence was a significant reduction from the three years prosecutors originally sought. ""While the DOJ just didn't have enough goods on CZ to warrant three years, I can't believe CZ is getting four months and not 18 months," Managing Director at Swan Bitcoin Terrence Yang said in a statement when the sentence was announced.

CZ was sentenced to four months in prison in April 2024 for Anti-Money Laundering (AML) violations. He walked free from federal prison on Sept. 27 as the wealthiest person to ever serve a US prison sentence, with a $60 billion net worth at the time.

CZ pleaded guilty to violating anti-money laundering laws by failing to institute proper measures to bar criminals from using the largest crypto exchange. He also resigned from his position as CEO and agreed to pay a $50 million fine. Zhao was also barred from involvement in Binance for three years. After serving a four-month sentence, CZ was released on Sept. 27, 2024. He claims that his prison sentence is proof that he did not agree to inform on Sun since “People who become gov witnesses don’t go to prison. They are protected.