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International Business Times

Marvie Basilan

Bitcoin Plunges To $60K As Binance's CZ Gets Sentenced To 4 Months In Prison

Binance Changpeng Zhao CZ Bitcoin Crypto Prison United States

Changpeng Zhao pleaded guilty to violating US anti-money laundering laws and agreed to step down as Binance CEO. (Credit: AFP)

KEY POINTS

Some crypto users associated CZ's sentence to the nearly $3,000 drop of Bitcoin
Many encouraged Zhao to 'come back stronger' after serving his time in jail
Zhao pleaded guilty and stepped down as Binance's CEO last year

Changpeng Zhao, founder and former CEO of Binance, has been sentenced to four months behind bars after he pled guilty last year to failing to ensure that the world's largest cryptocurrency exchange by market value had an effective anti-money laundering and combatting the financing of terrorism (AML/CFT) system.

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