Changpeng Zhao the founder of Binance Sentencing Postponed to April
Zhao faces the possibility of a prison term of up to 18 months under federal guidelines.
The sentencing for Changpeng Zhao, the founder and former CEO of Binance, has been rescheduled to April 30 by a Seattle federal court. Originally slated for February 23, the delay comes as Zhao faces charges of money laundering, following a prolonged investigation by U.S. authorities.
In November, Zhao pleaded guilty to violating the Bank Secrecy Act and stepped down from his position at Binance. This admission was part of a broader settlement agreement with the U.S. government, which saw Binance agreeing to pay $4.3 billion. Additionally, Zhao consented to a personal fine of $50 million.
Currently out on bail in the United States, Zhao secured his release with a $175 million bond. However, last December, the U.S. Federal Court imposed a travel ban on Zhao, denying his request to visit Dubai over concerns of potential flight risk.
Zhao faces the possibility of a prison term of up to 18 months under federal guidelines. U.S. prosecutors have argued for a maximum sentence of 10 years, emphasizing that they are free to advocate for any sentence up to the statutory maximum.
The delay in Zhao's sentencing underscores the complexity and significance of the case, which has garnered substantial attention within the cryptocurrency industry and beyond. As the legal proceedings unfold, stakeholders will closely monitor developments surrounding one of the most prominent figures in the crypto world.
