Binance founder Changpeng ‘CZ’ Zhao sentenced to 4 months in prison Binance founder Changpeng ‘CZ’ Zhao sentenced to 4 months in prison
Prosecutors were seeking a three-year sentence.
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Updated: May. 1, 2024 at 12:25 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Former Binance CEO Changpeng Zhao has been sentenced to four months in prison, according to a report from Bloomberg on April 30.
Zhao said during sentencing:
“I failed here … I deeply regret my failure, and I am sorry.”
Zhao’s final sentence is considerably less than the three-year prison sentence prosecutors were seeking — more than twice the recommended guideline for the relevant charges.
Zhao’s lawyers had argued for no prison time.
A separate report from Fortune noted that Zhao will pay a $50 million personal fine, allowing him to keep most of his $43 billion in personal wealth. Zhao will be the wealthiest individual in the US prison system, according to the report.
Zhao pleaded guilty to the DOJ’s charges in November 2023 and stepped down from his CEO role.
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.
