“I got some “quiet time” coming up. Will use that to write something,” he notes. In November, Changpeng Zhao pleaded guilty to money laundering and resigned as CEO of Binance. Prosecutors demanded that the owner of the exchange be sentenced to 3 years in prison. However, in April, Zhao was imprisoned for four months, becoming the richest person ever imprisoned in the United States.
Despite the huge fine and prison sentence, the exchange continues its activities. The number of countries that block Binance’s work due to their illegal activities is only increasing. Recently, the Canadian financial regulator fined the exchange $4.3 million for administrative violations. FINTRAC stated that Binance failed to register as a foreign money services company and failed to report nearly 6,000 transactions worth more than $10,000.
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