Binance founder Changpeng Zhao, nicknamed CZ, was a jailed for allowing money laundering after he pleaded guilty to breaching US anti-money laundering laws designed to prevent terrorist  financing and funds going to sanctioned countries. Zhao apologised before his sentencing at a court in Seattle saying: I failed here. I deeply regret my failure and I am sorry”. District judge Richard Jones told him: “You had the wherewithal, the finance capabilities, and the people power to make sure that every single regulation had to be complied with, and so you failed at that opportunity”.

He is the second major crypto boss to go to prison, only last month, the founder of FTX Sam Bankman-Fried was sentenced to 25 years for stealing billions of dollars from the now-bankrupt crypto exchange.