February 14, 2024

Changpeng Zhao's Sentencing Postponed Until Late April

The sentencing of Changpeng “CZ” Zhao has been postponed by two months by the federal court, with no explanation provided.

U.S. prosecutors have decided to delay the sentencing of Changpeng Zhao, the founder of Binance cryptocurrency exchange, until April 30, as per a report by CNBC.

Zhao, the former head of the world's largest cryptocurrency exchange by volume, was indicted on charges of violating laws concerning money laundering by the U.S. Department of Justice in November, following an extensive investigation spanning several years. In response, Binance was directed to pay $4.3 billion in penalties and to cease all operations in the United States.

Following the filing of charges by the DOJ against CZ, he relinquished his role as CEO of Binance, passing the baton to Richard Teng, formerly Binance's Global Head of Regional Markets.

In a post, Zhao expressed confidence in Teng's capabilities, highlighting his extensive background in financial services and regulatory affairs, positioning him to steer the company through its forthcoming phase of growth. Zhao emphasized Teng's commitment to bolstering Binance's security, transparency, compliance, and overall expansion.

Despite being out on a $175 million bond in Seattle, U.S. District Judge Richard Jones imposed stringent travel restrictions on the former cryptocurrency executive, barring Zhao from leaving the United States amid concerns about his potential flight risk.

In December, Binance's legal team submitted multiple filings in federal court in a bid to dismiss the lawsuit brought by the U.S. Securities and Exchange Commission.

While Zhao has already settled $50 million in fines, he could face a maximum sentence of 18 months, or a year and a half, in federal prison, CNBC reported.

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