Binance founder Changpeng Zhao sentencing rescheduled for April 30 Binance founder Changpeng Zhao sentencing rescheduled for April 30
The former Binance CEO CZ faces up to 10 years in prison.
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Updated: Feb. 13, 2024 at 10:58 am UTC
Web Summit / CC BY 2.0 / Flickr. Remixed by CryptoSlate
Binance co-founder Changpeng Zhao’s sentencing, initially set for Feb. 23, has been rescheduled for April 30, as disclosed in a Feb. 12 court filing.
Zhao faces potential imprisonment of up to 18 months based on US guidelines and provisions. However, the prosecutors have hinted at the possibility of seeking the statutory maximum prison sentence of 10 years.
Last November, Zhao, the former CEO of the largest crypto exchange by trading volume, pled guilty to anti-money laundering charges as part of an extensive deal with the US government, including his platform, Binance. The crypto trading platform agreed to pay the authorities $4.3 billion in fines.
As part of the agreement, Zhao relinquished his role as CEO of Binance, handing over leadership to Richard Teng.
Subsequently, Zhao found himself entangled in legal battles concerning his sentencing. The crypto billionaire is on bail secured by a $175 million bond.
Meanwhile, recent revelations revealed that he had offered all his equity in Binance.US, valued at approximately $4.5 billion, in an attempt to travel to the UAE. However, concerns about Zhao being a flight risk emerged, particularly regarding his residence in Dubai, where his family resides.
Despite arguments from his legal team asserting his commitment to remaining present in the US and accepting accountability for his actions, the judge deemed the flight risk too substantial to permit travel to his Dubai residence.
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Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.
Richard Teng, a veteran in the financial services and regulatory sectors, boasts over three decades of extensive experience.