Changpeng Zhao, founder of the leading cryptocurrency firm Binance was sentenced to 4 years imprisonment on Tuesday. Zhao pleaded guilty to money laundering charges last year in November. A US judge gave him a four-month sentence despite the prosecution forcing a three-year imprisonment.

According to the judge,  “Binance’s growth and profits over compliance with US laws and regulations.” The court acknowledged Mr Zhao's past behaviour.

Zhao's net worth of $33 billion will make him the world's richest prisoner. Despite stepping down from the post of CEO in the company last year, Zhao still owns a 90% stake in Binance.

As reported by AFP, Zhao pleaded guilty to violating US anti-money laundering laws and in February, Binance agreed to pay $4.3 billion to settle charges. They also cited Mr Zhao's acceptance of responsibility along with what they mentioned his philanthropic track record. 

Before the hearing on Tuesday, Zhao apologized for the mistakes he made as the CEO of the company. “Words cannot explain how deeply I regret my choices that result in me being before the Court,” he said in a letter to the judge. “Rest assured that it will never happen again.”

Created in 2017, Binance overpowered the crypto-trading market turning the founder into a billionaire.

A month earlier, Zhao's former rival Sam Bankman-Fried, was sentenced to 25 years imprisonment for his role in a multibillion-dollar fraud through FTX, which was the second largest crypto exchange before its collapse in the fall of 2022.

You might also be interested in - Binance pledges $500K in crypto aid for Libya flood victims