Prosecutors had requested a harsher 3-year prison sentence, emphasizing that Binance facilitated transactions supporting terrorism, child abuse and drug trafficking. Zhao’s defense team argued for no prison sentence after admitting they were at fault, noting his efforts to improve compliance with the law since he steps down as CEO in November 2023.
At the heart of the case was Binance’s failure to properly implement anti-money laundering (AML) protocols. While lawyers claim Zhao was unaware of the specific violations, prosecutors believe he deliberately violated U.S. banking regulations to support Binance’s rapid growth.
Cryptocurrencies reacted to news of Zhao’s decision; This includes Bitcoin, which has surpassed $60,000, and Ethereum has fallen below $3,000 at the time of this writing.
Source: Ferra
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