Binance founder is sentenced to 4 months in prison on money-laundering charges

Changpeng Zhao, founder of cryptocurrency giant Binance, was sentenced to four months in prison for money-laundering charges in a Seattle federal court, a sentence lighter than the three years prosecutors sought. Zhao apologized for his actions and agreed to step down as CEO, with Binance paying over $4 billion in fines and penalties for various violations. This sentencing follows heightened DOJ actions against financial crimes in the crypto industry, contrasting with the heavier sentence of 25 years given to Sam Bankman-Fried of FTX. Critics argue that the penalties are insufficient to deter future crimes.