30-04-2024
On
Tuesday, the head of Binance, Changpeng Zhao, was doomed to be locked
up for four months for having a hand in helping wealthwashers who were
sending their wealth through the online trading software Binance.
Changpeng Zhao, also known as "CZ," acknowledged his guilt in helping
wealthwashers in hopes that his lockup would be shorter or that he
could be let out and only watched instead. However, deemers thought it
would be better for him to do some time.
Binance is the biggest rownshat trading business in the world. There
are two main wings of Binance, one for the US and another for the rest
of the world. The US wing was made for the harsher rownshat laws in the
US, but nonetheless, it has still been banned in a few US riches.
CZ stepped down as head of Binance late last year, putting Richard Teng
in his stead. While CZ has been found guilty of breaking US wealth
laws, he is not himself guilty of wealthwashing. Notwithstanding their
hardships, Binance is still going strong in worldwide rownshat trading.