03:42 PM EDT, 04/30/2024 (MT Newswires) -- Binance founder Changpeng Zhao received a four-month sentence in federal court on Tuesday as part of a plea deal that saw the cryptocurrency mogul plead guilty to charges of enabling money laundering, according to multiple reports.

Sentencing guidelines for the charges call for 12 to 18 months behind bars and federal authorities had been seeking a three-year sentence. However, Zhao struck a deal with prosecutors in November.

The plea agreement ended a lengthy probe into the world's largest cryptocurrency exchange, alleging it failed to adequately police potential money laundering activities.

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