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Binance founder Changpeng Zhao sentenced to four months in prison
Zhao, who began the run on FTX that eventually revealed fraud at the exchange, pleaded guilty to breaking laws himself.
Though he was required to step down as CEO of the exchange as part of his plea agreement, he is still the controlling shareholder of the company, which one person told Bloomberg was “a massive shitcoin casino.” Binance listed many more tokens than competitors such as Coinbase. In October 2022, Sam Bankman-Fried, CEO of rival exchange FTX, tweeted (and deleted) that he was “excited to see [Zhao] repping the industry in DC going forward! uh, he is still allowed to go to DC, right?” A week after that, Zhao tweeted he’d sell his holdings of FTX’s token in response to a blockbuster story in CoinDesk.
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