The former boss of the world's largest cryptocurrency exchange has been jailed for four months for allowing money laundering. The sentence was handed down to billionaire Binance founder Changpeng Zhao, nicknamed CZ, after he pleaded guilty to breaching US anti-money laundering laws designed to prevent terrorist financing.
Bankman-Fried has appealed against his conviction and his sentence. Mr Zhao stepped down from his role at Binance in November after he and the company admitted evading requirements under the US Bank Secrecy Act. The company agreed to a $4.3bn penalty as prosecutors said it used a 'wild west' model that failed to report 100,000 suspicious transactions involving terrorist groups.
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