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).
Image: 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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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.
Donald Trump has ambushed South Africa’s president during a White House meeting by playing a video purportedly showing evidence of a “genocide” of white people in the African country.
The US president, who was hosting leader Cyril Ramaphosa in the Oval Office, said the footage showed the graves of thousands of white farmers.
Mr Ramaphosa sat quietly and mostly expressionless while a montage of videos was played, and he later said: “I’d like to know where that is because this [the videos] I’ve never seen”.
The lights had been dimmed in the room as videos were shown, including of South African officials allegedly calling for violence against white farmers.
South Africa has rejected the allegation that white people are disproportionately targeted by crime.
The videos include one of a communist politician playing a controversial anti-apartheid song that includes lyrics about killing a farmer.
Mr Trump accused South Africa of failing to address the killing of white farmers. “People are fleeing South Africa for their own safety,” the US president said. “Their land is being confiscated and in many cases they’re being killed.”
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Alluding to people in the videos, Mr Trump said: “These are people that are officials and they’re saying… kill the white farmer and take their land.”
Image: Cyril Ramaphosa and Donald Trump in the Oval Office today
The US president then displayed printed copies of articles that he said showed white South Africans who had been killed, saying “death, death” as he flipped through them.
He added of one article: “Here’s burial sites all over the place, these are all white farmers that are being buried.”
South African leader rejects allegations
Mr Ramaphosa pushed back against Mr Trump’s accusations, by responding: “What you saw, the speeches that were being made, that is not government policy. We have a multi-party democracy in South Africa that allows people to express themselves, political parties to adhere to various policies.
“And in many cases or in some cases, those policies do not go along with government policy.
“Our government policy is completely, completely against what he [a person in the video montage] was saying. Even in the parliament. And they are a small minority party which is allowed to exist in terms of our constitution.”
Mr Ramaphosa also said of the behaviour alleged by Mr Trump: “We are completely opposed to that.”
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Mr Ramaphosa said there was crime in South Africa, and the majority of victims were black. Mr Trump cut him off and said: “The farmers are not black.” The South African president responded: “These are concerns we are willing to talk to you about.”
Mr Trump has cancelled aid, expelled South Africa’s ambassador and offered refuge to white minority Afrikaners based on racial discrimination claims which Pretoria says are unfounded.
Experts in South Africa say there is no evidence of white people being targeted, although farmers of all races are victims of violent home invasions in a country that suffers from a very high crime rate.
Universal has opened a new theme park to rival Disney World in Florida.
NBCUniversal owner Comcast, which also owns Sky News, is rewriting the Orlando travel itinerary with its $7bn Epic Universe.
The 750-acre park features five worlds themed around movie and game franchises NBCUniversal owns or licenses.
These include Super Nintendo World, complete with a Mario Kart ride, and the immersive Wizarding World of Harry Potter – Ministry of Magic.
Image: Pic: Reuters
Image: Fans pose for pictures in Super Nintendo World. Pic: Reuters
How to Train Your Dragon – Isle of Berk, Celestial Park and Dark Universe complete the park.
The project is the first major theme park to open in the US in more than 20 years and marks Comcast’s largest investment in Universal attractions since it gained control of the business in 2011.
Image: People riding the Dragon’s Racers Rally rollercoaster. Pic: Reuters
Comcast president Mike Cavanaugh said: “This is the one part of the media ecosystem that is not vulnerable to screen-shifting. It’s still beloved as a thing to do with friends and family.
“It would be silly not to be stepping on the gas.”
Image: The sprawling park covers 750 acres. Pic: Reuters
Epic Universe could attract 9.5 million visitors and bring in more than $1.3bn in revenue in 2026, analyst Craig Moffett has predicted.
Another new Universal theme park is also in the pipeline, with the company set to open its first European resort in 2031.
Actor George Wendt, who played Norm Peterson in the iconic sitcom Cheers, has died at the age of 76.
His family said he died early on Tuesday morning, peacefully in his sleep, according to publicity firm The Agency Group.
“George was a doting family man, a well-loved friend and confidant to all of those lucky enough to have known him. He will be missed forever,” the family said in a statement.
His character as an affable, beer-loving barfly in Cheers was watched by millions in the 1980s – earning him six consecutive Emmy nominations for best supporting actor.
The sitcom was based in a Boston bar “where everybody knows your name” – proved true given everyone would shout “Norm!” when he walked in.
Wendt appeared in all 273 episodes of Cheers – with his regular first line of “afternoon everybody” a firm fan favourite.
He was also a prominent presence on Broadway – appearing on stage in Art, Hairspray and Elf. Before rising to fame, he spent six years in Chicago’s renowned Second City improvisation troupe.
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In an interview with GQ magazine, he revealed he didn’t have high hopes when he auditioned for the role that would catapult him to fame.
“My agent said: ‘It’s a small role, honey. It’s one line. Actually, it’s one word.’ The word was ‘beer.’
“I was having a hard time believing I was right for the role of ‘the guy who looked like he wanted a beer.’
“So I went in, and they said, ‘It’s too small a role. Why don’t you read this other one?’ And it was a guy who never left the bar.”
One of nine children, Wendt was born in Chicago and graduated with a degree in economics.
He married actress Bernadette Birkett in 1978, who voiced the character of Norm’s wife in Cheers but never appeared on screen. They have three children.
Wendt’s nephew is Jason Sudeikis, who played the lead role in Ted Lasso.