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Ex-Binance Chief Scheduled For Sentencing In US Court

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(CTN News) – Earlier today, Changpeng Zhao, the former chief of Binance, was found guilty of money laundering charges, and he is scheduled to be sentenced to three years imprisonment and a $50 million fine in a US court today.

According to reports, Zhao, a Canadian national who was the head of one of the biggest cryptocurrency exchange platforms in the world, resigned early last year as part of an agreement with US authorities.

As part of the settlement, Binance paid a record-breaking $4.3 billion to settle charges it faced back in February.

Binance was allegedly unable to prevent transactions involving terrorist groups, including the Islamic State, al-Qaeda, and Hamas, due to Zhao’s business decision to violate US anti-money laundering laws.

Prosecutors maintain that Binance was unable to prevent transactions involving terrorist groups due to Zhao’s “business decision.”

The defense attorneys would like to argue that Zhao has accepted responsibility and has a long history of philanthropy as evidence of his willingness to serve probation. Zhao took responsibility for his mistakes in a social media post he published on his social media channel.

There has been a series of scandals and market collapses in the cryptocurrency industry, which has led to intense scrutiny and an increased level of scrutiny of the industry.

This case marks a significant crackdown on the industry. The new CEO of Binance, Richard Teng, has claimed that the company is working closely with regulators and has spent hundreds of millions of dollars on compliance in order to meet the requirements.

With the sentencing, the Justice Department is seeking to send a strong message to Zhao and others in the industry, with hopes that the sentencing will set a precedent for the industry.

Crypto community members and regulators around the world will watch closely to see how the outcome turns out.

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Alishba Waris is an independent journalist working for CTN News. She brings a wealth of experience and a keen eye for detail to her reporting. With a knack for uncovering the truth, Waris isn't afraid to ask tough questions and hold those in power accountable. Her writing is clear, concise, and cuts through the noise, delivering the facts readers need to stay informed. Waris's dedication to ethical journalism shines through in her hard-hitting yet fair coverage of important issues.

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