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Binance Asked to Restrict Stablecoin Trading in the European Union, What's Up?

Previously, the billionaire founder of Binance, Changpeng Zhao, was reported to have started his sentence in prison in Lompoc, California in connection with a money laundering case at his crypto exchange.

According to CNBC International, Sunday (2/6/2024) Zhao was sentenced to four months in prison in April 2024 after pleading guilty to criminal charges of money laundering at his crypto exchange.

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CNBC is trying to contact Zhao's legal team at Latham & Watkins to confirm the news of his arrest.

The sentence handed down to the former Binance boss was decidedly less than the three years federal prosecutors had sought for him.

Meanwhile, the defendant has requested a probation period of five months.

“I'm sorry,” Zhao told U.S. District Judge Richard Jones before accepting his sentence.

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“I believe the first step to taking responsibility is to fully admit guilt,” he told the court.

“Here I failed to implement an adequate anti-money laundering program. I now realize how serious the mistake was,” he said.

In November 2023, Zhao, commonly known as “CZ,” struck a deal with the US government to resolve a multi-year investigation into Binance, the world's largest cryptocurrency exchange.

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Binance Asked to Restrict Stablecoin Trading in the European Union, What's Up?

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