- The sentencing hearing for former Binance CEO Chanpeng Zhao has been postponed from February 23 to April 30, 2024.
- He was previously found guilty of money laundering and banned from leaving the US.
- Zhao faces up to 18 months in prison.
Consideration of the case of the former CEO of the cryptocurrency exchange Binance Changpeng Zhao postponed until April 30, 2024. This is reported by CNBC with reference to the notice of the federal court.
The court hearing in the CZ case was supposed to be held on February 23, but it was postponed to April for unknown reasons. Zhao’s lawyers refused to comment on the information.
Recall, in November 2023 CZ was found guilty of money laundering and violation of the law “On Bank Secrecy”. At the same time, Binance agreed to pay fines totaling $4.3 billion as part of a guilty plea to conspiracy to conduct unlicensed fund transfer business.
Changpeng Zhao faces up to 18 months in prison. According to former SEC employee John Reed Stark, the Justice Department will push for a harsher punishment. To do so, the agency will have to present substantial evidence of his guilt:
Breaking News: U.S. DOJ Reveals That Prosecutors May Argue That CZ Should Be Sentenced To 10 Years In Prison
The U.S. Department of Justice (DOJ) charged ChangPeng Zhao (CZ) with, and CZ pled guilty to, one count of violating the Bank Secrecy Act. The charge stems from a mammoth… pic.twitter.com/gJ5EsB082Q
- John Reed Stark (@JohnReedStark) November 26, 2023
As of this writing, the businessman is at large – he was released on $175 million bail. A United States court has banned Changpeng Zhao from leaving the country until the hearing. The government believes that the former head of Binance may flee if he is allowed to return to the UAE.
It was later reported that Zhao tried to leave the country on bail of Binance.US shares, but a federal judge denied the travel request.
According to Bloomberg, the fortune of the ex-CEO of Binance is estimated at more than $37 billion. Since January 2023, this figure has increased by $25 billion.
