Changpeng Zhao is going to jail for four months and set to pay a $50 million fine for allowing money laundering on his crypto-trading platform, Binance.

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CZ, the founder of a crypto exchange, has received a four-month prison sentence and a large fine. This verdict has implications for the future of web3 and the relationship between crypto and the larger economy.

TechCrunch Minute: Where CZ’s sentencing leaves the state of crypto