Founder of Binance Faces Sentencing Delay Amid Money Laundering Charges
Changpeng Zhao, the founder and former CEO of Binance, is awaiting his sentencing for charges related to money laundering, which has now been rescheduled to April 30, following an announcement by a Seattle federal court on Monday.
Originally slated for February 23, the sentencing date has been shifted.
Following an extensive investigation by U.S. authorities, Zhao admitted to violating the Bank Secrecy Act and stepped down from his position at Binance in November. This admission was part of a larger agreement in which Binance settled with the U.S. government for $4.3 billion. Additionally, Zhao agreed to pay a personal fine of $50 million.
Currently out on bail in the United States, Zhao posted a $175 million bond for his release. In December, a U.S. Federal Court decision barred Zhao from traveling to Dubai, citing concerns about potential flight risks.
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Zhao potentially faces up to 18 months in prison according to federal guidelines, though U.S. prosecutors have argued for a maximum of 10 years.
Prosecutors stated in a filing in November, “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.”
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
