Binance's Founder, Changpeng Zhao, has been sentenced to four months in prison after pleading guilty to charges related to allowing money laundering on the cryptocurrency exchange, the Financial Times reported. The sentence, handed down in a Seattle federal court, marked a significant development in the ongoing legal battles involving Binance and Zhao.

The Plea Deal and Sentencing

Zhao's sentencing comes after he struck a deal with the U.S. government in November to resolve a longstanding investigation into Binance. As part of the settlement, Zhao agreed to step down from his role as CEO of the company.

Despite federal prosecutors initially seeking a three-year prison term for Zhao, the sentence issued is less severe. The defense had advocated for five months of probation, while sentencing guidelines suggested a term of 12 to 18 months.

Expect ongoing updates as this story evolves.