In 2023, Changpeng Zhao stepped down as CEO of Binance but retains a 90% stake in the company. Despite his resignation, his influence on the exchange remains strong due to the board of directors largely comprised of his close friends. The sentence imposed on Zhao by US District Judge Richard Jones in Seattle was shorter than the prosecutors had requested and below the maximum recommended under federal guidelines. However, despite this, his assets worth $43 billion remain untouched and his net worth is expected to increase during his time in jail.
In contrast, FTX’s Sam Bankman-Fried was charged with stealing $8 billion from customers and was sentenced to 25 years in prison. Bankman-Fried has appealed his conviction and sentence, while prosecutors were satisfied with the outcome of the investigation into Binance and Zhao. Despite being beyond the reach of US authorities, living in the United Arab Emirates, incarceration was deemed crucial in this case by US Attorney Tessa Gorman.
