Iran International:

The founder and former CEO of cryptocurrency exchange Binance, was sentenced to four months in prison on Tuesday for violating US money laundering laws and failing to comply with sanctions, including those against Iran.

The investigation revealed that Binance allowed more than 1.5 million virtual currency trades worth around $900 million, violating US sanctions. These included transactions involving Iran and designated terror groups such as Iran-backed Hamas, al-Qaeda and Islamic State.

Prosecutors said Binance employed a "Wild West" model that welcomed criminals, and did not report more than 100,000 suspicious transactions.

Families of victims of the Hamas terror attacks of October 7 and the families of hostages taken to Gaza, are suing Binance, along with Iran and Syria, for Binance's role in funding the terror group, among others between 2017 and 2023.

Once considered a leading figure in the cryptocurrency world, Changpeng Zhao's sentencing marks him as the second major cryptocurrency executive to face prison time after Sam Bankman-Fried for his role in the FTX scandal.

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