Changpeng Zhao, the founder and former CEO of Binance, has been sentenced to four months in jail.
Zhao pled guilty in November 2023 to money laundering charges.
Zhao, commonly known as CZ, has paid $50 million in fines, according to U.S. District Judge Richard Jones, who spoke in court Tuesday.
The judge will also not enforce the probation officer’s suggested five-month probation, according to Mail Online.
The 47-year-old agreed to violating the Bank Secrecy Act by knowingly failing to establish an effective anti-money laundering system at Binance, the cryptocurrency exchange he established and led as CEO from July 2017 to November 2023.
Binance also pled guilty to identical allegations brought by the US Department of Justice in November 2023, and was ordered to pay $4.3 billion in penalties and reparations for failing to register as a money transmitting firm, Forbes says.
