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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 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.

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 Zhao.

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

Changpeng Zhao
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Changpeng Zhao

Zhao apologised before his sentencing at a court in Seattle, saying: “I failed here. I deeply regret my failure and I am sorry.”

But district judge Richard Jones told him: “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.

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Sam Bankman-Fried jailed for 25 years

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A ‘wild west’ model

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 and sued by another US agency, the Securities and Exchange Commission.

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

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Day 77: Q&A – Trump’s tariffs, Putin’s Arctic, and penguins

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Day 77: Q&A - Trump's tariffs, Putin's Arctic, and penguins

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On Day 77, US correspondents Mark Stone and David Blevins answer your questions on everything from Trump’s “Liberation Day” tariffs and their impact on American consumers, to Trump’s relationship with Putin and if they have plans for the Arctic, and penguins.

If you’ve got a question you’d like Mark, Martha, and James to answer, you can email it to trump100@sky.uk.

Don’t forget, you can also watch all episodes on our YouTube channel.

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Thousands protest against Donald Trump and Elon Musk at rallies in all 50 US states

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Thousands protest against Donald Trump and Elon Musk at rallies in all 50 US states

Thousands of people gathered in various cities across the US as protests against Donald Trump and Elon Musk took place in all 50 states on Saturday.

Around 1,200 demonstrations were planned in locations including Washington DC, New York City and West Palm Beach, Florida – just miles away from where the US president has this weekend played golf.

The “Hands Off!” protests were against the Trump administration’s handling of government downsizing, human rights and the economy, among other issues.

In Washington DC, protesters streamed on the grass in front of the Washington Monument, where one person carried a banner which read: “Make democracy great again.”

Demonstrators hold up their banners during a 'Hands Off!' protests protest against President Donald Trump at the Washington Monument in Washington, Saturday, April 5, 2025. (AP Photo/Jose Luis Magana)
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Thousands gathered in Washington DC to rally against various Trump policies. Pic: AP

A demonstrator twirls a ribbon during a "Hands Off!" protest against President Donald Trump at the Washington Monument in Washington, Saturday, April 5, 2025. (AP Photo/Jose Luis Magana)
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Pic: AP

Another protester took aim at Mr Trump‘s handling of Russia and Ukraine, with a placard that read: “Stop Putin’s puppets from destroying America.”

Tesla boss Mr Musk also featured on many signs due to his role in controversial government cuts as head of the newly created Department of Government Efficiency (DOGE).

Demonstrators march during a "Hands Off!" protest against President Donald Trump on Saturday, April 5, 2025, in New York. (AP Photo/Andres Kudacki)
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Demonstrators in NYC. Pic: AP

People take part in the nationwide anti-Trump “Hands Off” protest in Atlanta, Georgia U.S., April 5, 2025. REUTERS/ Megan Varner
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People marching in Atlanta, Georgia. Pic: Reuters

Hundreds of people show up to protest President Donald Trump at Centre Congregational Church in Brattleboro, Vt., during a national "Hands Off" protest on Saturday, April 5, 2025. (Kristopher Radder/The Brattleboro Reformer via AP)
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A rally in Vermont. Pic: The Brattleboro Reformer via AP

Terry Klein, a retired biomedical scientist, said she drove to the rally to protest Mr Trump’s policies on “everything from immigration to the DOGE stuff to the tariffs this week, to education”.

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“I mean, our whole country is under attack, all of our institutions, all the things that make America what it is,” she added.

A drone view shows a protest at the Utah State Capitol building in a demonstration that is part of larger "Hands off" events organized nationwide against U.S. President Donald Trump, in Salt Lake City, Utah, U.S., April 5, 2025. REUTERS/Jim Urquhart
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A drone view of the protest at the Utah State Capitol building. Pic Reuters

People participate in a protest at the Utah State Capitol building in a demonstration that is part of larger "Hands off" events organized nationwide against U.S. President Donald Trump, in Salt Lake City, Utah, U.S., April 5, 2025. REUTERS/Jim Urquhart
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A protester sports a Handmaid’s Tale costume. Pic: Reuters

People participate in a protest at the Utah State Capitol building in a demonstration that is part of larger "Hands off" events organized nationwide against U.S. President Donald Trump, in Salt Lake City, Utah, U.S., April 5, 2025. REUTERS/Jim Urquhart
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Pic: Reuters

Some at the various protests carried Ukrainian flags, while others sported rainbow attire and waved rainbow flags in support of the LGBTQ+ community.

Other protesters wore Palestinian keffiyeh scarves and carried “Free Palestine” signs.

Protesters refuse to take Donald Trump’s policies lying down

It was built to honour George Washington, a founding father of the United States.

And in the shadow of the 555ft Washington Monument, protestors were refusing to accept Donald Trump’s policies lying down.

“Stand tall,” they chanted, again and again.

“In every city, stand tall. In every state, stand tall. In truth, stand tall. In justice, stand tall.”

Those words, shouted by thousands on the city’s iconic mall, were reinforced by the words on their placards and t-shirts.

A minister, wearing a t-shirt with ‘Troublesome Priest’ printed on it, told me she found what was happening in the US government “appalling and immortal”.

One man said he had won the long-distance award, having travelled 2,750 miles from Hawaii for the protest.

“I finally reached a breaking point,” he added. “I couldn’t take it anymore.”

Another woman said: “We have to speak up, we have to act, we have to do something, because this is not America.”

I asked her what she would say to those who argue the people did speak when they elected Donald Trump as president.

She replied: “Some people have spoken and then some people have not and those of us that have not, we need to speak now.”

Thousands marched in New York City’s midtown Manhattan and in Boston, Massachusetts, while hundreds gathered in the sunshine outside the Utah State Capitol building in Salt Lake City, and in the rain outside the Statehouse in Columbus, Ohio.

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Mr Trump – who shook financial markets with his tariffs announcement this week – spent the day in Florida, playing a round of golf before returning to his Mar-a-Lago residence.

People protest in Manhattan, during a demonstration that is part of larger “Hands Off!” events organized nationwide against U.S. President Donald Trump, in New York City, New York, U.S., April 5, 2025. REUTERS/Caitlin Ochs
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People protest in Manhattan. Pic: Reuters

Activists protest President Donald Trump, who was a few miles away at his Trump National Golf Club, during a "Hands Off!" demonstration Saturday, April 5, 2025, in Palm Beach Gardens, Fla. (AP Photo/Alex Brandon)
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Activists in Palm Beach Gardens, Florida. Pic: AP

Some four miles from Mar-a-Lago, more than 400 people gathered – and drivers honked their horns in support of protesters who held up signs including one which read: “Markets tank, Trump golfs.”

The White House has said Mr Trump plans to go golfing again on Sunday.

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Financial markets were always going to respond to Trump tariffs but they’re also battling with another problem

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Financial markets were always going to respond to Trump tariffs but they're also battling with another problem

Global financial markets gave a clear vote of no-confidence in President Trump’s economic policy.

The damage it will do is obvious: costs for companies will rise, hitting their earnings.

The consequences will ripple throughout the global economy, with economists now raising their expectations for a recession, not only in the US, but across the world.

Tariffs latest: FTSE 100 suffers biggest daily drop since COVID

Financial investors had been gradually re-calibrating their expectations of Donald Trump over the past few months.

Hopes that his actions may not match his rhetoric were dashed on Wednesday as he imposed sweeping tariffs on the US’ trading partners, ratcheting up protectionism to a level not seen in more than a century.

Markets were always going to respond to that but they are also battling with another problem: the lack of certainty when it comes to Trump.

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He is a capricious figure and we can only guess his next move. Will he row back? How far is he willing to negotiate and offer concessions?

Read more:
There were no winners from Trump’s tariff gameshow
Trade war sparks ‘$2.2trn’ global market sell-off

These are massive unknowns, which are piled on to uncertainty about how countries will respond.

China has already retaliated and Europe has indicated it will go further.

That will compound the problems for the global economy and undoubtedly send shivers through the markets.

Much is yet to be determined, but if there’s one thing markets hate, it’s uncertainty.

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