Binance Founder Changpeng Zhao to Appear in Court Today for Sentencing

A previous cryptocurrency executive admitted guilt to a single violation of the Bank Secrecy Act last November, which typically results in a maximum prison term of 10 years. However, due to his confession and collaboration with authorities, the sentencing range is estimated to be around 18 months. The court’s Probation Office proposed a sentence as short as five months based on their pre-sentence investigation.

no prison time at all. Instead, they proposed that he be sentenced to house arrest and probation instead.

The defense filing included a proposal from a security company for how it could secure Zhao’s home.

Zhao’s plea agreement included a fine of $50 million, which is just a drop in the bucket compared to his reported net worth of approximately $43 billion, according to Bloomberg. If a judge sentences him to over 18 months in prison, Zhao has the option to file an appeal.

As a financial analyst, I would rephrase it as follows: I, Binance, the world’s leading cryptocurrency exchange, reached an accord to pay a $4.3 billion penalty on the same day Zhao admitted guilt for his charges. The settlement resulted in him relinquishing his position as founder of the exchange, which he had established in 2017.