Changpeng | Patricia de Melo Moreira/AFP via Getty ImagesA federal judge on Tuesday sentenced former Binance CEO Changpeng Zhao to four months in prison for failing to wall off the world’s largest digital asset exchange from money launderers, allowing it to become a hub for illicit finance.
Over the last year and a half, following the collapse of Sam Bankman-Fried’s FTX, prosecutors have gone after some of the biggest names in crypto. Last month, Bankman-Fried was sentenced to 25 years in prison for fraud and conspiracy. Wall Street regulators, meanwhile, have waged an aggressive enforcement campaign aimed at forcing the industry into compliance with long-standing market rules.
Zhao’s lawyers — along with a crowd of supporters — had pushed for probation, arguing that Zhao did not launder any money, commit fraud or steal customers’ funds. At the center of his crypto empire was Binance, which launched in 2017. The exchange quickly became a behemoth by offering customers the ability to trade thousands of tokens — often on the cheap when stacked up against other crypto platforms. Today, Binance remains the largest crypto exchange worldwide. Data from CoinMarketCap shows that Binance’s trading volume in the 24 hours leading up to mid-afternoon Tuesday was more than $20 billion. Coinbase, the largest U.S.
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