Binance founder faces possible three-year jail term over ‘wild west’ business model

Changpeng Zhao pleaded guilty to money laundering charges

Changpeng Zhao, the founder of the world's largest cryptocurrency exchange, will be sentenced on Tuesday after pleading guilty to money laundering charges, with US prosecutors seeking three years in prison for the tech tycoon.

Zhao, 47, stepped down as chief executive of Binance in November after admitting to breaking US anti-money laundering laws. Last month, another fallen cryptocurrency mogul, Sam Bankman-Fried, whose FTX exchange collapsed in 2022, received a 25-year sentence for committing fraud and conspiracy to launder money.