Binance founder sentenced to four months for money laundering

Changpeng Zhao pleaded guilty and stepped down as CEO of the crypto trading company last year

Changpeng Zhao, the former head of the world's largest cryptocurrency trading company, was sentenced to four months in jail on Tuesday in a Seattle courtroom. Zhao pleaded guilty late last year to money-laundering violations and stepped down as CEO of Binance. The company itself was fined $4.3bn. Zhao was fined $50m last year.

Judge Richard Jones told Zhao that there were a number of mitigating factors in his sentencing, including that he had cooperated with law enforcement. Jones also cited numerous letters the court had received that testified to Zhao's character, and stated that he did not believe Zhao was likely to reoffend.