2024-05-01
Binance was alleged for the platform
was being used for illicit activities.
On Apr 30, 2024, Changpeng Zhao, the
founder of Binance, has been sentenced to four months in prison after a court
found him guilty of allowing money laundering activities through Binance
cryptocurrency exchange platform.
This sentence comes as a significant
development in the ongoing scrutiny of cryptocurrency exchanges and their
compliance with U.S. financial regulations.
Zhao's case has drawn attention to the importance of implementing robust anti-money laundering (AML) programs within the crypto industry.
Previosuly, as part of the settlement, Zhao has agreed to step down from his role as CEO of Binance and expected to pay $4.3 billion fines to resolve the allegations.
