The former boss of the world's largest cryptocurrency exchange has been jailed for four months for allowing money laundering.

The sentence was handed down to billionaire Binance founder Changpeng Zhao, nicknamed CZ, after he pleaded guilty to breaching US anti-money laundering laws designed to prevent terrorist financing and funds going to sanctioned countries.

Sentencing

The prison term was far less than sought by US prosecutors who wanted a three-year term - twice the maximum 18 months recommended under federal sentencing guidelines - to be tough on the man once thought to be the most powerful person in the crypto world.

The defence had called for probation with no prison time for their client. A $50m (£40m) fine has already been paid by Mr Zhao.

Despite the massive fine, he remains a billionaire and the wealthiest crypto executive, with Forbes magazine putting his wealth at $33bn (£26.4bn).

Mr Zhao apologised before sentencing but district judge Richard Jones told CZ, "You had the wherewithal, the finance capabilities, and the people power to make sure that every single regulation had to be complied with, and so you failed at that opportunity."

He is the second major crypto boss to go to prison. Last month, the founder of FTX Sam Bankman-Fried was sentenced to 25 years for stealing billions of dollars from the now-bankrupt crypto exchange.

Bankman-Fried has appealed against his conviction and his sentence.

A 'wild west' model

Mr Zhao stepped down from his role at Binance in November after he and the company admitted evading requirements under the US Bank Secrecy Act.

The company agreed to a $4.3bn (£3.4bn) penalty as prosecutors said it used a "wild west" model that failed to report 100,000 suspicious transactions involving terrorist groups.

Prosecutors had also said Binance supported the sale of child sexual abuse material and received the proceeds of ransomware cyberattacks.

The US Justice Department brought the case as part of its clamp down on criminal activity within cryptocurrency, best known for Bitcoin.

Binance is also being investigated by another US agency, the Securities and Exchange Commission.

The company had once processed about two-thirds of all cryptocurrency transactions.

Source: https://news.sky.com/story/changpeng-zhao-former-boss-of-worlds-largest-crypto-exchange-binance-jailed-for-allowing-money-laundering-13126415

Nairametrics can confirm that the exchange rate between the naira and dollar has depreciated to N390/$1 at the FMDQOTC NAFEX market, an official market where the exchange rate is traded.

We first observed the depreciation in our daily market survey on Thursday, November 26th when it traded at N390/$1. The rate remained the same today confirming that it is not a one-off. The exchange rate closed at N390.25/$1 on Friday after trading at a high price of N400.37 and a low price of N383/$1. The exchange rate at the NAFEX market has traded between N383 and N385 per dollar respectively.

CBN Devalues
A recent circular seen by Nairametrics, also suggests the CBN has devalued the exchange rate between the dollar and naira sold to the BDC’s to N390/$1. The circular also mandates the BDCs to sell to potential buyers at N392/$1. The volume of sales for each market is $10,000 per BDC.

See excerpt of the circular:

Please be advised that the applicable exchange rate for the disbursement of proceeds of IMTOs, for the period Monday, November 30th to Friday, December 14, 2020, is as follows.
I. IMTSOs to banks – N388/1USD

II. Banks to CBN – N399/1USD

III. CBN to BDCs – N390/1USD

The circular seen by Nairametrics was signed by Dr. O.S. Nnaji, Director of Trade and Exchange at the CBN, and dated November 30th, 2020. We also understand the CBN intervened in the market today at a spot price of N393.37/$1 while its 150 days forward rates moved to N399.37 in a bid to clear backlogs. Nairametrics estimated pent-up demand could be between $2 billion and $3.5 billion.

Source: https://nairametrics.com/2020/11/27/breaking-naira-devalued-now-n390-1-as-black-market-wired-hits-n503-1/

tiwa tiwa

only God could have done this !

the Ajufo's are very easy going people. This story must be so false >

The true definition of Iberiberism....

YOUR EVIL WILL FIND YOU OUT,

I VE NEVER SEEN A WICKED SOUL LIKE YOURS.

SolutionMee:
The Boss did the right thing by teaching them the lesson of their life

Why will two young girls sleep and focus in the same direction

At their age, I never thought of travelling out of Nigeria

I didn't even think of making money

I only focused on my studies and how to become somebody in life

And today, I'm finally in the Western world

US to be precise

Whenever they have the opportunity to live as a human on this planet

Never again will they travel to overseas at a tender age

Kudos to their boss once again

Though the killing wasn't intentional but she still did the right thing after all

5 CANDIDIATES -

IN ALL CATEGORIES .. WILL STILL BE NORTHERN CANDIDATES.

ITS STILL A NORTHERN AGENDA!

only !!!!

Sadly this is all you can say. You make a mockery of someone today like you know tomorrow.

You should change your sorry name !!!

NwaAmaikpe:


This mumu girl.
Let her keep gallivanting instead of her to sit at home and nurse her mad mother.

And wait on the Lord for a life partner.

simple and short.. the only poster that has made sense

Timoodi:
please visit commissioner of happiness in IMO state she will be able to restore your happiness back

CyZubby:
Good evening house , please how long does a stamped passport stay in the DHL office before being returned back to the American Embsay please.

30 days.

asaju10:
Hello, pls is there anything like "2 years US employment visa"?i will need a quick response from d gurus here pls so that i can feed d person back if he's lying or not.Thanks to u all

There's nothing like that. Don't fall prey to fraudsters!

Hw much?

Please I need this car...I'm calling you as early as 6.30, will like to inspect and pick up with all the docs. Please make my August!!!!

Still avaiaible

Please Fola is hale and hearty, Uncle T passed on in 2011..

oyb:
fola adeola must be turning in his grave at what his successors are turning GTB into

very sad.

as expected the chopped shoe 'entrepreneurs are on the thread to sell their fake gospel of 'self employment'

@1acre

So funny

Bought by his gay partner.

This day choose between life and death.

What is the selling price and where is the car located for inspection?

Do u have Acer mini laptop motherboard n how much is it?

kindly check VIN: JTDBE30K800080578
email add: mailyomi@gmail.com

Got the HTC Desire HD from One2one. Am lovin it!!! Any extended battery for it?

@Bozz: Is the HTC Desire HD still availabe? How much is d last price

What's the mileage, also post engine pics, can it fly for 1.4? Serious buyer

@ maxxy; How did the interview go?