Binance founder Changpeng Zhao’s sentencing postponed to April
Quick Take
- The sentencing for the former Binance CEO was originally scheduled on Feb. 23.
- Zhao faces a prison sentence of up to 18 months, while U.S. prosecutors seek a longer term.
The sentencing for Changpeng Zhao, the founder and former CEO of Binance, on charges of money laundering, has been rescheduled for April 30, as announced by a Seattle federal court on Monday. The original date for Zhao’s sentencing was set for February 23.
After a prolonged investigation by U.S. authorities, Zhao pleaded guilty to violating of the Bank Secrecy Act and resigned from his role as CEO of Binance last November. This admission came as part of a broader agreement in which Binance settled with the U.S. government for $4.3 billion. Additionally, Zhao consented to a personal fine of $50 million.
Currently, Zhao remains free on bail in the United States, having secured his release with a $175 million bond. In a decision last December, the U.S. Federal Court imposed a travel ban on Zhao, denying his request to visit Dubai, citing concerns over potential flight risk.
How Long?
Zhao faces a prison term of up to 18 months under federal guidelines, while U.S. prosecutors argued that the former CEO may be given a maximum of 10 years.
“The reality is that the top-end of the Guidelines range may be as high as 18 months, and the United States is free to argue for any sentence up to the statutory maximum of ten years,” the prosecutors said in a filing in November.
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