Binance Co-Founder Comments on Changpeng Zhao’s Legal Situation

Former Binance CEO Changpeng Zhao (CZ) is in a “positive situation” ahead of his sentencing in the US on April 30. This was stated by the platform’s co-founder and head of Binance Labs, Yi He.

According to her, CZ’s current position in the US is generally calm, and past regulatory pressure was anticipated.

He described the situation as “the most optimal given the circumstances.”

Under sentencing guidelines, the judge could impose a 10-year prison term on Zhao, considering the severity of the charges. However, CZ has only pleaded guilty to one count, which carries a sentence of 12 to 18 months.

Before sentencing, Zhao remains free on a $175 million bail. However, prosecutors have sought to prevent the former platform head from leaving the US, fearing he might flee. They cited his substantial assets abroad and minimal ties to the United States as risks.

Zhao’s lawyers contested the travel ban, but the court sided with law enforcement. In December, the court denied his request to return home to the UAE, despite a proposed $4.5 billion bail.

In April, Forbes estimated CZ’s wealth at $33 billion, placing him 50th on the billionaire rankings.

Earlier, Richard Teng, head of regional markets, succeeded Zhao as CEO of Binance.