The former CEO of Binance Crypto, Changpeng Zhao, was sentenced to 4 months in prison

On Tuesday in Seattle, Binance founder and former CEO Changpeng Zhao was sentenced to four months in prison for failing to prevent money laundering.

Binance agreed to pay $4.3 billion in fines after Zhao, known as CZ, and Binance pleaded guilty last year to failing to implement anti-money-laundering systems.

Zhao admitted one offense and paid $50 million.

U.S. District Judge Richard Jones sentenced in a packed federal courtroom. Zhao's defense requested probation, but prosecutors wanted three years in prison. US probation suggested a five-month sentence.

“I failed here, I deeply regret my failure and I’m sorry,” Zhao said Tuesday, addressing the judge before sentencing. Zhao, who appeared somber and focused throughout the two-hour hearing, spoke for about four minutes, reading from prepared remarks.

He said, “Both of my parents worked really hard to give me opportunities.” “For the next chapter of my life I want to provide opportunities to others.” He has said he is launching a free online learning platform with the goal of providing education to children around the world.

He exited the courtroom without making any comments and will likely be detained at SeaTac federal detention center.