Changpeng “CZ” Zhao, a founder of Binance and former CEO, will be sentenced on Tuesday in a Seattle, Washington, U.S. court. The Department of Justice recommended in a recent sentencing letter that he serve three years in prison, given the severity of his misbehavior.
Polymarket wagerers anticipate his departure much sooner. According to trading levels, he has a 17% chance of receiving 6–11 months and a 19% chance of receiving 12–17 months.
Overall, the odds suggest that he has a 96% chance of being out of jail in less than two years and a less than 2% chance of receiving a sentence of between thirty and thirty-five months, which is about what the feds are asking for.
The traders may rely on letters of support to persuade the presiding judge to reduce the punishment considerably from what the DOJ requested.
Max S. Baucus, the former U.S. ambassador to China, academics from Columbia and McGill Universities, Sean Yang, the managing director of Morgan Stanley, and members of the royal family in the United Arab Emirates were among those who signed such letters that were submitted to the courts.
CZ stated in his letter that “there is no excuse for my failure to establish the necessary compliance controls at Binance,” but he also promised that this would be his only “encounter with the criminal justice system.”
Also Read: Binance Founder Changpeng Zhao Apologizes in Letter to Judge
