Binance founder CZ’s prison sentence hasn’t stopped an uptick in trading on the exchange
Yesterday, the founder and former chief executive of Binance was finally sentenced to 4 months in prison. The ruling marked the end of a multi-year investigation in which the crypto magnate — Changpeng Zhao, widely known as CZ — pleaded guilty to violating American anti-money laundering requirements.
The crux of the investigation was that Binance had failed to report more than 100K suspicious transactions, including some with obvious ties to terrorist groups. Prosecutors had been seeking a sentence of 3 years for the billionaire, who will retain the bulk of his wealth despite paying $100M in criminal and civil fines.
Founded in 2017, Binance continues to operate under new leadership with little evidence that the investigation into its founder and former CEO has diminished appetite for traders on the Binance exchange. Data from The Block reveals that 40-50% of monthly crypto exchange volumes go through Binance.
The crux of the investigation was that Binance had failed to report more than 100K suspicious transactions, including some with obvious ties to terrorist groups. Prosecutors had been seeking a sentence of 3 years for the billionaire, who will retain the bulk of his wealth despite paying $100M in criminal and civil fines.
Founded in 2017, Binance continues to operate under new leadership with little evidence that the investigation into its founder and former CEO has diminished appetite for traders on the Binance exchange. Data from The Block reveals that 40-50% of monthly crypto exchange volumes go through Binance.
