CZ Criminal Sentencing Postponed
Hey folks.
The date for sentencing for Changpeng Zhao, the founder and former CEO of the largest crypto exchange Binance has been postponed, according to a report.
The sentencing date has been postponed to April 30, according to CNBC. Changpeng Zhao initially was scheduled to be sentenced on Feb, 23 but the reason for the change of date has yet to be disclosed. William Burke, lawyer for Changpeng Zhao, declined to comment on postponement.
Changpeng Zhao faces 18 months in prison but the prosecutors are looking for a sentence that is substantially longer, reports suggest. Despite repeated requests to return to UAE, Changpeng Zhao remains in the United States, he was released on a bail of $175 million.
Changpeng Zhao resigned as CEO of Binance back in November 2023 and relinquished his position as Chairman of the Board of Directors of the United States division of Binance. Decisions were made to end the dispute between the trading platform and US regulatory bodies. Zhao faces allegations of money laundering.
Zhao's request of returning to the United Arab Emirates was rejected by a court in December after the founder of Binance pleaded guilty in November. However, the United States Justice Department prosecutors believe there is a significant risk of Zhao not returning to the United States. The point to Zhao's significant assets, his close ties to the United Arab Emirates and not having an extradition treaty with the UAE.
At the same time, the crypto exchange Binance agreed to pay $4.3 billion in fines and restitution in connection with its guilty plea to charges of conducting an illegal money-transmitting business, conspiring to do so, and violating the International Emergency Economic Powers Act.
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