Bitcoin News Today TheBitTimes.com

A judge will sentence Changpeng Zhao today for the crimes he committed at Binance. After he enters the US District Court for the Western District of Washington courthouse, he might proceed directly to prison for three years. Zhao admits that Binance processed trillions of dollars in unmonitored transactions and that failing to monitor those transactions violated the Bank Secrecy Act. He’s also admitted that he failed to stop or report on millions of dollars in illicit and sanctions-violating transactions that flowed through his exchange. A three-year prison sentence is prosecutors’ opening request and is double the initially estimated 18 months but far less than the once-threatened 10 years. Zhao’s lawyers, of course, are requesting zero time behind bars. Zhao says he’s no worse than BitMEX’s Arthur Hayes Zhao has already penned his heartfelt letter to Judge Richard Jones who will be determining the length and terms of his punishment. After Zhao chest-beat about his al...

A South Korea n court has sentence d the CEO of crypto exchange Bitsonic to seven years behind bars for stealing 10 billion won ($7.5 million) worth of customer deposits, while its tech chief will spend a year in prison. Arrested in early August, chief Jinwook Shin was accused of manipulating crypto prices and trading volumes on Bitsonic, and stealing user investments. He was indicted on charges of fraud, forgery, and obstruction of business by computer. Bitsonic’s VP of technology, referred to as Mr. A, was indicted on charges of obstruction of business by computer. He was accused of creating and running a program that allowed Shin to manipulate the system in his favor. On Wednesday, South Korean outlet Yonhap News reported that the duo had received a combined eight years in prison. According to the Seoul Eastern District Court, Shin and Mr. A are “avoiding responsibility and showing no remorse.” A “significant amount” of the stolen funds have not...