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SEC defendant Zhao receives four months in prison

2024-04-30 16:44 ET - Street Wire

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by Mike Caswell

A Seattle judge has imposed a four-month sentence on Changpeng Zhao, the Canadian cryptocurrency billionaire charged with violations of the Bank Secrecy Act. Federal prosecutors claimed that Mr. Zhao violated U.S. law "on an unprecedented scale" through his cryptocurrency exchange, called Binance. He facilitated transactions that included $898-million in trades with Iranians in violation of sanctions imposed on that country, prosecutors said. (All figures are in U.S. dollars.)

Mr. Zhao received his sentence in an appearance on Tuesday, April 30, before Judge Richard Jones. In addition to the four-month sentence, the judge ordered Mr. Zhao to pay $50-million, with that part of the judgment largely a formality as Mr. Zhao previously paid the money. The judge allowed Mr. Zhao to self-report to prison on a date to be determined by corrections authorities.

The decision is a loss for prosecutors, who had asked the judge to send Mr. Zhao to prison for three years. They said that he ran Binance on a "Wild West model" that made him one of the richest people in the world. He founded the company in 2017 and then allowed it to grow into a massive business without taking appropriate steps to monitor customers who could be violating U.S. laws.

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money laundering and tulip buld selling. any stories of ordinary joe selling some crypto and buying a house in canada? or just mark cuban types pounding out crypto and paying 270 million in taxes?

Posted by oh at 2024-05-01 13:23