Changpeng “CZ” Zhao, the founder of Binance and former CEO, is awaiting a decision on whether he will face imprisonment as he will appear in court today.&nbsp; 
Tuesday in a federal courthouse in Seattle, CZ, who has buzz-cut hair and is dressed in a navy blue suit and light blue tie, will find out what happens to him. He showed up there accompanied by his sister, mother, nephew, and son, who were seated in the gallery to his left. 
The former CEO of Binance, the biggest cryptocurrency exchange in the world,<a href="https://www.cryptotimes.io/2023/11/21/binance-ceo-changpeng-zhao-admits-guilt-50m-fine/" target="_blank" rel="noreferrer noopener" data-wpel-link="internal"> entered a guilty plea in November</a> to a single count of breaking the Bank Secrecy Act. The conviction carries a potential <a href="https://www.cryptotimes.io/2023/11/27/binances-former-ceo-cz-faces-potential-10-year-prison-term/" target="_blank" rel="noreferrer noopener" data-wpel-link="internal">10-year jail sentence.</a> However, that is lessened by CZ’s cooperation and guilty plea. 
According to a presentence report submitted by the Probation Office of the court, he should only serve five months in jail. In exchange for a plea agreement, Zhao also had to pay a $50 million fine—a negligible portion of his estimated net worth. 
He may be worth up to $43 billion in assets. Zhao entered a guilty plea last year, and on the same day, Binance agreed <a href="https://www.cryptotimes.io/2024/02/26/us-judge-authorized-binances-guilty-plea-deal-for-4-3-billion/" target="_blank" rel="noreferrer noopener" data-wpel-link="internal">to pay a $4.3 billion punishment</a>. He <a href="https://www.cryptotimes.io/2023/11/21/binance-ceo-changpeng-zhao-to-resign-plead-guilty/" target="_blank" rel="noreferrer noopener" data-wpel-link="internal">resigned from the exchange</a> he had formed in 2017 as part of the arrangement. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/04/29/polymarket-predicts-1-year-prison-sentence-for-binances-cz/" data-wpel-link="internal">Polymarket Predicts 1 Year Prison Sentence for Binance’s CZ</a> 
</blockquote>

Binance Founder CZ Face Sentencing Hearing in Seattle

The Crypto Times

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