Binance founder’s sentencing hearing – The Verge The Verge is about technology and how it makes us feel. Founded in 2011, we offer our audience everything from breaking news to reviews to award-winning features and investigations, on our site, in video, and in podcasts. 2024-05-01T12:00:00+00:00 https://www.theverge.com/rss/stream/23908848 https://platform.theverge.com/wp-content/uploads/sites/2/2025/01/verge-rss-large_80b47e.png?w=150&h=150&crop=1 Elizabeth Lopatto <![CDATA[I have some questions about what Changpeng Zhao gave to the feds]]> https://www.theverge.com/2024/5/1/24145736/binance-cz-changpeng-zhao-plea-agreement 2024-05-01T08:00:00-04:00 2024-05-01T08:00:00-04:00

There are a lot of differences between Changpeng Zhao and Sam Bankman-Fried, and now we can add one more to the list: the amount of time they'll serve for their crimes. Bankman-Fried got 25 years; Zhao got four months.

There's more. Zhao appeared in court in a tailored navy suit with a light blue tie when he spoke in his own defense. Bankman-Fried was shackled and in prison garb.

Bankman-Fried defrauded people, pleaded not guilty, repeatedly perjured himself in court, got convicted on seven counts, and then gave an absolutely bizarre speech during his own sentencing hearing that made the judge think he'd be likely to re-offend. (This is to …

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]]> Elizabeth Lopatto <![CDATA[Binance founder Changpeng Zhao sentenced to four months in prison]]> https://www.theverge.com/2024/4/30/24140638/binance-founder-changpeng-zhao-sentence-money-laundering 2024-04-30T14:59:22-04:00 2024-04-30T14:59:22-04:00

Binance founder Changpeng Zhao was sentenced to four months in prison for failing to establish adequate anti-money laundering protections. Zhao, once the head of the largest crypto exchange in the world, pleaded guilty in November 2023.

Judge Richard Jones says that Zhao prioritized "Binance's growth and profits over compliance with US laws and regulations." While Jones doesn't think Zhao is likely to reoffend, the scale of the crime is notable.

Binance "violated US law on an unprecedented scale"

Though Zhao is not as well-known as FTX fraudster Sam Bankman-Fried, he is a more important figure in the crypto world. The Chinese-Canadian entre …

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]]> Emma Roth <![CDATA[Binance criminal settlement includes $4 billion fine and CEO’s guilty plea]]> https://www.theverge.com/2023/11/21/23971066/binance-ceo-changpeng-zhao-step-down 2023-11-21T15:58:20-05:00 2023-11-21T15:58:20-05:00

Changpeng "CZ" Zhao, the owner and CEO of the cryptocurrency exchange Binance, has agreed to step down and plead guilty to breaking anti-money-laundering laws, according to papers filed in a Seattle court on Tuesday. This comes as part of the major settlement the Department of Justice announced this afternoon, which will require Binance to fork over $4.3 billion in fines.

Zhao also agreed to pay $50 million, and sentencing will occur at a later date. "Today, I stepped down as CEO of Binance," Zhao writes on X (formerly Twitter). "Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and …

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]]> Elizabeth Lopatto <![CDATA[Binance really loved telling people to use VPNs, allegedly]]> https://www.theverge.com/2023/3/27/23659109/binance-cftc-vpn-signal-notes 2023-03-27T17:38:27-04:00 2023-03-27T17:38:27-04:00

So I read through the CFTC complaint against the world's largest cryptocurrency exchange, Binance, and it seems like the lawyers are having fun with this one. For instance: "Binance's decision to prioritize commercial success over compliance with US law has been, as Lim paraphrased Zhao's position on the matter, a 'biz decision.'" I never get tired of reading these complaints.

Now to be clear, I don't think Binance is the only entity ever to decide that skirting US law to acquire more customers - after all, US pharma companies have been making billion-dollar settlements over that exact same "biz decision." But I do think explicitly writing …

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