The sentencing hearing for Zhao Changpeng (CZ), the founder of Binance, will be held on Tuesday. According to Bloomberg analysis, if CZ is sentenced, he will become the wealthiest inmate in the history of US prisons. His wealth has not been affected by the possibility of imprisonment and may further increase in the future.
Summary:
CZ’s sentence betting odds: Polymarket: 44% believe CZ will be “imprisoned for less than 6 months”.
Background:
CZ’s sentencing result will be announced on April 30th! The US Probation Office recommends 5 months of probation, while the Department of Justice seeks a 3-year sentence. Be cautious of BNB volatility.
The sentencing hearing for CZ, the founder of Binance, is scheduled to take place on April 30th in US Pacific Time. Many people are wondering how long his sentence will be.
In the sentencing memorandum released by the US Department of Justice last week, it requested a 3-year imprisonment for Zhao Changpeng. However, the US Probation Office recommended a 5-month probation. On the decentralized prediction market, Polymarket, 44% of bettors believe that CZ will be sentenced to less than 6 months.
According to Bloomberg, if the Seattle Federal Court in the US does sentence CZ, he will become the richest inmate in the history of federal prisons. This is because CZ’s ownership of Binance and his personal wealth of around 43 billion US dollars have not been affected by the case. With the growth of Binance’s business in the new bull market, his wealth may further increase.
CZ’s influence remains strong. Binance reached a settlement agreement with the US Department of Justice and the Commodity Futures Trading Commission (CFTC) in November last year, admitting guilt and agreeing to pay a $4.3 billion fine. Zhao Changpeng admitted to violating US anti-money laundering laws and resigned as CEO of Binance.
According to reports, although Zhao Changpeng resigned as CEO to reach a settlement with the US government, his influence on Binance remains significant. The new members of the board of directors are mainly his loyal friends, and He Yi, the mother of his three children, also plays an important role in Binance’s operations.
Although Binance has faced a series of severe accusations from US authorities and its dominant position has declined, it still maintains a leading position in the cryptocurrency spot and derivatives markets. Binance added more than 40 million users last year, a 30% growth compared to the previous year, and the amount of cryptocurrency held by exchange customers has surged to over $100 billion.
According to Bloomberg’s estimate, Binance may have achieved $9.8 billion in annual revenue in the 12 months ending in March this year.
The report also believes that the reason why Binance has been able to survive is largely because the situation of Binance and Zhao Changpeng is very different from that of FTX and its founder SBF. After being convicted, SBF was sentenced to 25 years in prison and currently has an estimated net worth of $0. However, the US Department of Justice’s charges against Binance do not include the situation of deceiving customers’ funds.
In addition to the stark differences in business style between Zhao Changpeng and SBF, what is more important is that Binance has been able to handle market volatility effectively. Austin Campbell, a professor at Columbia Business School and a blockchain company consultant, said:
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Related Reports:
The CZ you don’t know: husband, student, father, entrepreneur, 350 pages of support letters flooding into the court.
He Yi’s touching support letter: Mr. Judge, please let me show you the real Zhao Changpeng CZ.
Zhao Changpeng (CZ) apologizes before trial, 161 people plead to the judge, He Yi: he is the guardian of the crypto wilderness.