US prosecution has appealed for 36 months (3 years) of imprisonment of Binance founder Changpeng Zhao for violating various US regulations. This battle has been going on for months, and Zhao was supposed to be sentenced by the end of February. However, due to delays over new appeals, the legal battle is continuing. Now, the final outcome is supposed to be out on the 30th of April.
This is not the first time an exchange has gotten into such situations. Earlier, Sam Bankman, the founder of the FTX exchange, was sentenced to 25 years of jail time for similar violations.
So, why is Changpeng Zhao in trouble now? Let’s discuss that in this blog.
Changpeng Zhao Pleads Guilty For Multiple Violations
Binance has gained huge popularity and a user base soon after its launch. It has the title of the biggest centralized cryptocurrency exchange with $20,808,472,743.64 in trading volume today. In 2021, the trading volume of Binance was more than the next four biggest exchanges combined.
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