The founder of Binance will go to prison for 4 months (3 photos + 1 video)
While we were sleeping, a US court ruled against billionaire Changpeng Zhao. 
For those who don’t know, this 47-year-old smiling Asian is the founder of one of the largest crypto exchanges, Binance. His stake in Binance and his personal fortune are estimated at $43 billion.
Last year, as part of a deal with the American authorities, Changpeng Zhao resigned as CEO of Binance and agreed to pay a fine of $50 million. But even paying the fine did not help evade criminal prosecution.
This is the first time a chief executive has gone to jail for violating the Bank Secrecy Act, a charge that has been used repeatedly in cryptocurrency prosecutions in recent year. 
Zhao was accused of violating the Bank Secrecy Act, as well as the fact that more than 1.5 million transactions worth about $900 million were carried out through his crypto exchange, “related to the financing of terrorism and forms of violation of US sanctions.”
The prosecution demanded three years in prison for Zhao, while the defense insisted on five months of probation. But a Seattle Federal Court judge sentenced Binance crypto exchange founder Changpeng Zhao to four months in prison.
After the verdict was announced, Bitcoin dropped below $60,000 and continues to fall.
Zhao, who has not responded to the verdict, is expected to serve his four-month sentence at Seattle's SeaTac Federal Detention Center.
