Changpeng 'CZ' Zhao, the former CEO of Binance, has pleaded guilty to violating federal sanctions and money laundering laws.

U.S. prosecutors are seeking a 36-month prison sentence and a $50 million fine for Zhao, citing his own claims of flouting American law to grow Binance.

Zhao's legal team is advocating for probation instead, noting that no previous defendant in a similar case has received a jail sentence.

In his apology to the judge, Zhao highlighted Binance's current rigorous anti-money laundering measures.

Ahead of his April 30th sentencing, 161 individuals including peers and family have shown their support for Zhao through letters.

Zhao has continued his entrepreneurial activities by starting Giggle Academy, an educational nonprofit, amidst the ongoing legal proceedings.

Despite the charges, Zhao maintains his status as the wealthiest crypto billionaire with an estimated fortune of $33 billion.