The verdict was delivered in U.S. District Court in Seattle, following unsuccessful attempts by Zhao's legal team to secure probation without any prison time.

Presiding over the case, Judge Richard A. Jones opted for a shorter sentence, stating, "Your conduct does not warrant a 36-month sentence." He acknowledged Zhao as "a dedicated family man and a giving person," commending his remarkable achievement in establishing Binance.

In a brief statement to the court, the 47-year-old Zhao expressed remorse, acknowledging his failure. "I deeply regret my failure, and I'm sorry," he remarked.

According to a report by David Yaffe-Bellany from the court proceedings on April 30, 2024, Zhao pleaded guilty to a single criminal count.

Meanwhile, attention turns to Nigeria, where extradition proceedings are underway for Nadeem Anjarwalla, Binance's Africa regional manager.