Binance Founder Changpeng Zhao’s Sentencing Delayed Until April
The sentencing for Changpeng Zhao, founder and former CEO of Binance, regarding money laundering charges, has been postponed to April 30, as confirmed by a Seattle federal court on Monday.
Originally scheduled for February 23, Zhao’s sentencing was rescheduled after a prolonged investigation by U.S. authorities.
Zhao pleaded guilty to violating the Bank Secrecy Act and stepped down from his role at Binance in November.
This decision was part of a broader agreement that saw Binance settle with the U.S. government for $4.3 billion, with Zhao personally agreeing to a $50 million fine.
Currently out on bail in the U.S. with a $175 million bond, Zhao’s request to travel to Dubai was denied in December due to concerns over potential flight risk.
Under federal guidelines, Zhao faces a prison term of up to 18 months, although U.S. prosecutors argue he could receive a maximum of 10 years.
According to prosecutors, “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,” as stated in a November filing.