Changpeng Zhao (CZ), the founder of Binance, who admitted to money laundering offences in November 2023, received a four-month prison sentence on Tuesday 30th April 2024.
U.S. prosecutors had suggested a sentence of 36 months for Zhao. As part of his deal with the Justice Department, the cryptocurrency billionaire resigned from his position as CEO of Binance.
The billionaire is reportedly expected to see his massive crypto fortune remain intact. His wealth is likely to continue to climb even as he serves time in prison.