Binance Founder CZ Zhao Faces Sentencing for Violating Bank Secrecy Act

Former Binance CEO Changpeng Zhao, also known as CZ, is awaiting sentencing on Tuesday after pleading guilty to violating the Bank Secrecy Act. While the charge carries a potential sentence of up to 10 years in prison, his cooperation and guilty plea could result in a sentence of just 18 months. The US Department of Justice has recommended a three-year sentence, while his defense team is asking for no prison time and instead suggesting house arrest and probation. Zhao's plea deal also includes a $50 million fine, but his estimated net worth of $43 billion means he may have the option to appeal if sentenced to more than 18 months in prison.