Binance crypto boss Changpeng Zhao sentenced to 4 months in prison

[SouthBayDem]

Source: BBC

The founder of the world's largest crypto exchange has been sentenced to four months in prison for allowing criminals to launder money on his platform.

Changpeng Zhao resigned from Binance in November and pleaded guilty to violating US money laundering laws.

Binance was ordered to pay $4.3bn (£3.4bn) after a US investigation found it helped users bypass sanctions.

Prosecutors had sought a three-year sentence for the former Binance boss.

Read more: https://www.bbc.com/news/technology-68930465

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Federal judge Richard Jones, in fact, is part of the family of music mogul Quincy Jones.

[RockRaven]

1. What a fucking joke...

The prosecution takes the guilty plea/taking responsibility/yada yada into consideration already when making the sentencing recommendations ON TOP of the fact that guilty pleas usually involve dropping most of the numerous individual counts in favor of the one (or small handful) that get admitted.

And the judge still cuts it down to one-ninth of that? GTFOH.

[hueymahl]

2. Where are the prison sentences for the Banksters?

Traditional banks launder 1000x the amount of funds but never do jail time.

[Easterncedar]

3. And a homeless guy here just got 6 years

For robbery of under $1,000. He’s no angel, sure, and now at least he gets housing and mental health care he can’t get on the outside. But the inequity is gross.

[dalton99a]

4. Nice slap on the wrist