• Latest
  • Trending
Binance founder faces four-month jail term in the United States

Binance founder faces four-month jail term in the United States

May 3, 2024
Emergent secures $23M to launch AI app builder in MENA

Emergent secures $23M to launch AI app builder in MENA

September 27, 2025
Larry Ellison’s Oracle names two new CEOs amid TikTok’s deal

Larry Ellison’s Oracle names two new CEOs amid TikTok’s deal

September 27, 2025
5 Stunning Google Tools To Aid Your Business

5 Stunning Google Tools To Aid Your Business

September 27, 2025
GPayments integrates fraud-prevention solutions into Apaya’s platform

GPayments integrates fraud-prevention solutions into Apaya’s platform

September 27, 2025
Trump gives go-ahead for TikTok’s sale

Trump gives go-ahead for TikTok’s sale

September 27, 2025
After FairWinds’ acquisition, Com Laude is set to acquire MarkMonitor

After FairWinds’ acquisition, Com Laude is set to acquire MarkMonitor

September 27, 2025
Kenya’s Ilara Health slashes staff in restructuring move

Kenya’s Ilara Health slashes staff in restructuring move

September 27, 2025
MultiChoice Kenya loses 3.4 million subscribers in 12 months amid rising adoption of streaming services

MultiChoice Kenya loses 3.4 million subscribers in 12 months amid rising adoption of streaming services

September 27, 2025
NBE recognises Arifpay as Ethiopia’s first licensed private switch operator

NBE recognises Arifpay as Ethiopia’s first licensed private switch operator

September 27, 2025
Jiji’s expansion in Africa: Anton Volianskyi on scaling, trust, and the future of e-commerce

Jiji’s expansion in Africa: Anton Volianskyi on scaling, trust, and the future of e-commerce

September 26, 2025
Your one-stop tech hub! Get the latest updates on AI, cybersecurity, fintech, and emerging technologies.
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Tech TV
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Tech TV
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
Techpression
No Result
View All Result
Home Cryptocurrency

Binance founder faces four-month jail term in the United States

Ibukunoluwa Bankole by Ibukunoluwa Bankole
May 3, 2024
150 3
0
Binance founder faces four-month jail term in the United States
474
SHARES
Share on FacebookShare on TwitterWhatsAppTelegram

Changpeng Zhao, the founder of cryptocurrency firm Binance, has been sentenced to four months in a US prison after pleading guilty to money laundering charges. This marks one of the most significant developments in the crypto industry since the imprisonment of Sam Bankman-Fried.

Investigations by two Treasury agencies revealed that Binance failed to prevent transactions associated with groups like the Islamic State group, al-Qaeda, or the armed wing of Hamas. Zhao’s guilty plea included violations of US anti-money laundering laws, leading to a settlement of $4.3 billion by Binance to resolve the charges.

Read also: EFCC to arraign Binance officials for money laundering

Prosecutors had sought a three-year prison term for Zhao, emphasising the seriousness of the crime and its impact on financial integrity. They argued that Zhao’s decision to violate US law was driven by a desire to attract users, expand the company, and enrich himself.

RelatedPosts

Binance launches new perpetual futures on AI and DeFi Tokens

How Bybit and Mantle’s 2.0 roadmap is turning MNT into a multi-utility token

What to know about Ronaldo’s NFT collections with Binance

Zhao’s attorneys countered that probation would be a just and appropriate punishment, citing his acceptance of responsibility and philanthropic track record. Zhao himself acknowledged his mistakes and expressed a willingness to take responsibility for them.

Impact on Binance and Crypto Industry

Binance, once a dominant force in the crypto-trading market, faced significant challenges following Zhao’s resignation and the legal proceedings. The company shifted its operations internationally after regulatory crackdowns but faced difficulties amid market volatility and regulatory scrutiny.

Despite the setbacks, the crypto industry has shown signs of recovery, especially with US regulators approving exchange-traded funds (ETFs) in Bitcoin. Binance’s new CEO, Richard Teng, emphasised the company’s commitment to compliance and close collaboration with regulators, investing significant resources in regulatory adherence.

Binance’s Battles in Africa

Binance faces legal battles in several African countries, including Nigeria and Kenya. In Nigeria, Binance has been accused of manipulating the naira value through its P2P feature, leading to a significant clampdown on the platform and its operations. The Nigerian government filed tax evasion charges against Binance for contravening four tax laws, including non-payment of company income tax, non-payment of value-added tax (VAT), noncompliance with tax return filing obligations, and collaboration in assisting its users in evading taxes through the platform.

Read also: Kenya agrees to send fleeing Binance executive to Nigeria

In Kenya, Binance has also faced regulatory challenges. The Central Bank of Kenya (CBK) issued a warning in 2021, stating that Binance and other cryptocurrency exchanges were not licensed to operate in the country. This warning came after the CBK stated in 2020, stating that cryptocurrencies were not legal tender in Kenya and that the public should be cautious when dealing with them.

Despite these challenges, Binance continues to operate in Africa, with a regional manager for Africa based in Nairobi, Kenya. The company has also committed to working with local authorities, lawmakers, and regulators to comply with local laws and regulations.

Tags: Binance
Ibukunoluwa Bankole

Ibukunoluwa Bankole

No Result
View All Result

Quick Links

  • Tech News
  • Cryptocurrency
  • Fintech
  • Startups
  • Business

Follow Us:

  • facebook
  • instagram
  • Twitter(X)
  • Linkedin
  • YouTube
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2025 Techpression.com -Techpression Media Limited

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in .

No Result
View All Result
  • Home
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Reviews
    • How To
    • General News
  • Cryptocurrency
  • Business
  • Fintech
  • Startups
  • Featured
  • Ai
  • Tech TV

© 2025 Techpression.com -Techpression Media Limited

techpression.com
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

3rd Party Cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.