One of the world’s richest men convicted in the US

A court in Seattle, America sentenced the founder of the world’s largest crypto exchange Binance, Changpeng Zhao, to four months in prison, Reuters reported on Wednesday, May 1. The court found the 47-year-old financial tycoon guilty of violating US anti-money laundering laws.

According to the prosecution, Binance management was aware of transactions related to the financing of terrorism, child pornography and other illegal activities, but the platform did not inform law enforcement authorities regarding this. Zhao admitted guilt as part of a plea deal and left his post as head of Binance.

The court gave him less than the prosecutor’s office demanded (three years) and less than is usually given for such charges (one and a half years). In addition to four months in prison, Zhao must pay a fine of $50,000.

One of the richest people in the world

Zhao is one of the richest people in the world. His fortune is $33 billion. Zhao ranks 50th in Forbes’ latest annual list of billionaires.

In March, a US court sentenced the founder of the bankrupt FTX crypto exchange, Sam Bankman-Fried, to 25 years in prison. Before bankruptcy, this exchange was one of Binance’s main competitors. Bankman-Fried was found guilty of stealing money from clients.