Binance founder Zhao released from US custody: Bloomberg
BINANCE founder Zhao Changpeng was released from a correctional facility in California on Friday (Sep 27), Bloomberg News reported, citing a spokesperson for the Bureau of Prisons.
Former chief executive Zhao was sentenced to four months in prison earlier this year, after pleading guilty to violating US laws against money laundering at the world’s largest cryptocurrency exchange.
Reuters could not immediately reach the Bureau of Prisons for comment.
Prosecutors had said that Binance adopted a model that welcomed criminals and failed to report more than 100,000 suspicious transactions with designated terrorist groups including Hamas, Al-Qaeda and Islamic State.
They also said Zhao’s exchange supported the sale of child sexual abuse materials and received a large portion of ransomware proceeds.
Binance agreed to a US$4.32 billion penalty, and Zhao paid a US$50 million criminal fine plus US$50 million to the US Commodity Futures Trading Commission. REUTERS
Originally published by businesstimes.com.sg. Syndicated material does not necessarily reflect the views of Grazia British.
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