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Binance Founder CZ Faces Sentencing Hearing in Seattle

Apr 30, 2024

Changpeng “CZ” Zhao, the founder of Binance and former CEO, is waiting for a decision on whether he will be imprisoned as he is set to appear in court today in Seattle.

In a federal courthouse in Seattle, CZ will find out his fate on Tuesday. He arrived at the courthouse with his sister, mother, nephew, and son, who sat in the gallery to his left.

CZ, who is the former CEO of Binance, admitted guilt to breaking the Bank Secrecy Act in November. This carries a possible 10-year jail sentence, which may be reduced due to his cooperation and guilty plea.

A presentence report from the Probation Office recommended that he serve five months in jail. As part of his plea agreement, Zhao had to pay a $50 million fine, which is a small amount compared to his estimated net worth.

It is believed that his assets are valued up to $43 billion. Zhao resigned from Binance, the cryptocurrency exchange he founded in 2017, on the same day he entered a guilty plea. In addition, Binance agreed to pay a $4.3 billion penalty.

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