Former Binance CEO’s Criminal Sentencing Delayed Until April: Report
The founder and former chief executive of Binance, the world’s largest crypto exchange platform, will have his criminal sentencing postponed until April. Changpeng Zhao (CZ) is facing charges brought forth by the U.S. Department of Justice, which alleges that he failed to maintain adequate anti-money laundering protocols.
The court record does not provide an official reason for the delay in CZ’s sentencing. Currently in the US on a $175 million bond, CZ, a Canadian national and resident of the United Arab Emirates, is considered a flight risk by U.S. District Judge Richard Jones due to his substantial wealth.
As part of his guilty plea in November, CZ agreed to step down as Binance’s CEO and pay a $50 million fine, while Binance itself paid $4.3 million in restitution fees.
Expectations of Prison Time
In a CNBC interview, CFTC Chair Rostin Behnam stated that he anticipates CZ will serve time in prison after pleading guilty. Behnam highlighted the significant fines imposed on CZ by multiple entities, including the CFTC and the Justice Department, emphasizing that “he will be going to jail.” The sentencing process is expected to take some time.
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