Binance Founder Changpeng Zhao Begins Four-Month Prison Sentence
Changpeng Zhao, the founder and former CEO of Binance, has begun serving a four-month prison sentence. This follows his guilty plea for violating anti-money laundering regulations. Zhao expressed remorse for not establishing adequate anti-money laundering programs.
In late May, Zhao started his sentence at a low-security prison in Lompoc, California. This comes after he pleaded guilty to allowing money laundering and terrorist financing on the Binance platform. The US Department of Justice indicted both Binance and Zhao for these violations.
As part of his plea agreement, Zhao stepped down as CEO and paid a $50 million fine. Following a $4.3 billion regulatory settlement, Richard Teng succeeded Zhao as Binance's CEO in 2025.
Changpeng Zhao's prison sentence and departure from Binance mark significant changes for the company. Richard Teng now leads Binance, and the company continues to operate under increased regulatory scrutiny.
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