- 10 bodies found in Mexico's Acapulco, some in street
- Trump video mentioning 'unified reich' draws White House ire
- Israel shuts down Associated Press live video feed of Gaza
- Stock markets diverge as traders look for fresh impetus
- Platinum loses shine amid BHP's vast Anglo bid
- Pogacar continues Giro dominance on day of rider protests
- Salah hints at Liverpool stay, targets trophies next season
- ICC's Khan: 'No nonsense' lawyer under fire from all sides
- Trump doesn't testify, defense rests case in trial
- Court rules UK government anti-protest powers unlawful
- Cannes star Renate Reinsve 'lost control' in mad laughing fit
- After player covers anti-homophobia logo, Monaco apologise
- Ukraine says allies can down Russian missiles over its territory
- Apple appeals huge EU fine for music streaming restrictions
- Greek court drops charges in migrant shipwreck case
- Raisi death reshapes Iran succession, puts focus on Khamenei son
- Schools, factories closed after quake 'swarm' near Naples
- German 'prince' at centre of alleged coup plot denies charges
- After rider rebellion at hazardous weather, shortened Giro stage starts
- Debt deadline looms for Italian champions Inter Milan
- Afghanistan hire T20 expert Dwayne Bravo as bowling consultant
- UK blood scandal victims to receive payouts this year: govt
- Stock markets waver as traders look for fresh impetus
- Man Utd's Rashford left out of England's Euro 2024 squad
- Ireland back Zebo to retire from rugby at end of season
- OpenAI apologizes to Johansson, denies voice based on her
- Progress in US inflation fight 'has likely resumed': Fed official
- Man Utd's Rashford left out of England's Euros squad
- Serial winner Kroos eyes two-trophy finish to career
- Ronaldo poised for Euro record as Portugal name squad
- Diplomatic crisis deepens as Spain pulls out Argentina envoy
- 'Thank God!': First New Caledonia evacuation flight arrives in Australia
- OpenAI apologizes to actress Johansson over AI voice similarity
- Schools, prison checked after quake 'swarm' near Naples
- Hazardous weather sparks chaos and rider anger at Giro 16th stage
- Murray comeback ends in Geneva defeat
- IMF cautions on timing of UK rate cut
- Germany's Kroos to retire from football after Euro 2024
- Stock markets retreat as traders take profits
- Hazardous weather causes Giro 16th stage to be shortened
- ICC arrest warrant requests: what next?
- Thailand celebrates return of looted statues from New York's Met
- Trump vows to sue over explosive biopic
- France's Macron to visit riot-scarred New Caledonia
- First New Caledonia evacuation flight arrives in Australia
- 16 top AI firms make new safety commitments at Seoul summit
- Sanofi allies with OpenAI, Formation Bio for AI use in drug development
- German FM warns in Kyiv of 'dramatic' worsening on Ukraine front
- Strike over Olympics bonuses disrupts Paris trains
- NGOs seek climate trial of French oil giant TotalEnergies
RYCEF | -0.53% | 5.496 | $ | |
CMSC | -0.41% | 24.38 | $ | |
JRI | 0.43% | 11.63 | $ | |
BCC | -1.4% | 135.665 | $ | |
SCS | -0.34% | 13.185 | $ | |
NGG | 0.18% | 72.5 | $ | |
GSK | -0.01% | 44.585 | $ | |
RELX | -0.14% | 44.06 | $ | |
RIO | 0.44% | 73.715 | $ | |
RBGPF | 5.72% | 59.74 | $ | |
CMSD | 0.33% | 24.32 | $ | |
VOD | -2.47% | 9.515 | $ | |
AZN | 2.34% | 78.96 | $ | |
BCE | -0.12% | 34.03 | $ | |
BTI | 0.32% | 31.45 | $ | |
BP | -0.26% | 37.165 | $ |
Ex-Binance chief jailed for four months in US
The founder of cryptocurrency firm Binance was sentenced to four months in US prison on Tuesday after pleading guilty to money laundering charges, in the most high-profile crypto case since Sam Bankman-Fried was jailed.
Changpeng Zhao, a Canadian, resigned from his post at the world's largest cryptocurrency exchange platform late last year as part of a deal with US authorities.
According to investigations by two Treasury agencies, Binance failed to prevent transactions by movements such as the Islamic State group, al-Qaeda or the armed wing of Hamas.
Zhao pleaded guilty to violating US anti-money laundering laws and Binance agreed in February to pay $4.3 billion to settle charges.
Prosecutors had asked the judge to impose three years behind bars for a crime that typically results in probation, according to a court filing.
"He made a business decision that violating US law was the best way to attract users, build his company, and line his pockets," Justice Department lawyers said of Zhao in a sentencing memorandum.
"The sentence in this case will not just send a message to Zhao but also to the world."
Attorneys for Zhao countered in a filing that being punished with probation is just, appropriate, and in line with legal precedent.
They cited Zhao's acceptance of responsibility along with what they called his philanthropic track record.
"I made mistakes, and I must take responsibility," Zhao, who lives in the United Arab Emirates, said in a post on X, formerly Twitter, in November.
He has been in the United States since that time.
Binance was created in 2017 and cornered much of the crypto-trading market, turning its founder and chief executive Zhao into a billionaire.
While Binance was founded in China, Zhao moved its operations to other locations internationally after a crackdown on the crypto sector by Beijing.
Binance runs crypto exchanges and provides other services around the world, but it took a severe hit when crypto markets collapsed and regulators began probing the legality of its business.
The volatile industry surged in 2021, with a range of complex products and celebrity endorsements propelling it to a valuation in excess of $3 trillion in 2022.
But a series of scandals, including the November 2022 collapse of Binance's main rival exchange, FTX, and criminal charges for several industry executives, saw public confidence evaporate and investors pull their money out of crypto.
FTX founder Bankman-Fried was given a 25-year jail term in March.
The crypto industry has bounced back in recent months, thanks in large part to US regulators giving the go-ahead for exchange traded funds (ETFs) in bitcoin which allow investors to trade the asset without actually opening a crypto account.
Binance's new CEO Richard Teng told AFP this month that the company spent hundreds of millions of dollars on compliance and was working very closely with regulators.
C.Meier--BTB