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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days
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Breaking News: Bitcoin Reaches Forecasted All-Time High: Prophecy Predicts Bear Market Low In 364 Days

BREAKING: Former Binance CEO CZ Behind Bars: Sentenced To Jail For 4 Months

Ronaldo Marquez
Ronaldo Marquez
1 year ago
2 mins read
Binance

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In a significant development for the crypto industry, Changpeng Zhao, commonly known as CZ, the founder of Binance, the world’s largest cryptocurrency exchange, has been imprisoned for four months. 

The sentencing follows his guilty plea to charges related to enabling money laundering activities within his crypto exchange. The verdict was delivered in Seattle federal court and marks the culmination of US authorities’ multiyear investigation into Binance.

Lighter Sentence For Binance Founder

The sentence handed down to Zhao was notably less severe than the three-year prison term sought by federal prosecutors. In contrast, the defense had requested five months of probation, ultimately given the outcome wanted. 

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Under the terms of a settlement reached in November of 2023, Zhao agreed to step down as CEO of Binance, as part of an agreement to resolve the investigation. 

The probe primarily focused on allegations that Binance failed to implement an effective anti-money laundering program, as the Bank Secrecy Act required. 

Regulatory Pressure Mounts 

Zhao was also accused of knowingly allowing Binance to process transactions involving funds derived from unlawful activities, including transactions between US citizens and individuals residing in sanctioned jurisdictions.

As part of the resolution, Binance was ordered to pay an imposing $4.3 billion fines and forfeiture. Additionally, Changpeng Zhao personally agreed to pay a substantial $50 million fine, underscoring the severity of the charges and the commitment to accountability.

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The legal challenges for Binance do not end there. The company faces separate lawsuits from the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) for alleged mishandling of customer assets and operating an illegal, unregistered exchange within the United States. 

Binance
The daily chart shows BNB’s price trending to the downside. Source: BNBUSD on TradingView.com

As of this writing, the exchange’s native token, Binance Coin (BNB), is trading at $573, down over 3% in the last 24 hours and 7% in the last seven days. 

Featured image from Bloomberg, chart from TradingView.com 

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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