Changpeng Zhao, the founder of Binance, is now the world’s richest prisoner after getting a 4-month sentence.
Binance was founded in 2017 and quickly became the biggest platform for dealing cryptocurrencies. Its founder and CEO, Changpeng Zhao, became a billionaire.
According to the Telegraph, Changpeng Zhao, the founder of the cryptocurrency company Binance, was given a four-month prison term on Tuesday. This made him the richest prisoner in the world. Mr. Zhao was given his sentence by a court in Seattle after he admitted breaking US rules against money laundering and sanctions last year. Even though authorities wanted a three-year sentence, the US judge gave him a four-month sentence because of the “positive nature” of Mr. Zhao’s past behavior.
Now, Mr. Zhao’s jail term will make him one of the richest prisoners ever; he owns Binance and is worth about $33 billion, according to the news source. He quit as CEO of Binance last year as part of a deal with US officials. He is 47 years old. He still has a stake in Binance that is worth about 90%.
AFP says that Changpeng Zhao pleaded guilty to breaking US laws against money laundering, and in February, Binance agreed to pay $4.3 billion to settle the charges. A court document says that the prosecutors asked the judge to give three years in prison for a crime that usually leads to probation.
In response, Mr. Zhao’s lawyers said in a filing that probation is a fair, suitable, and legal punishment that has been used in the past. On top of that, they pointed out that Mr. Zhao took responsibility and had a history of helping others.
Binance was founded in 2017 and quickly became the biggest platform for dealing with cryptocurrencies. Its founder and CEO, Changpeng Zhao, became a billionaire. Binance operates cryptocurrency platforms and offers various other services all over the world. However, it suffered a lot when cryptocurrency markets crashed and government agencies started to look into whether or not its business was legal.
Notably, Mr. Zhao’s comes just a few weeks after Sam Bankman-Fried, the CEO of the now-defunct bitcoin exchange FTX, was given a 25-year prison term for fraud that cost billions of dollars. He was found guilty of fraud after big money from customers was taken by him and put into risky investments.
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