The Sentencing Date for Binance Founder Changpeng Zhao Postponed
The sentencing date for the founder and former CEO of the largest crypto exchange, Binance, Changpeng Zhao, has been postponed to April 30. Originally scheduled for Feb. 23, the reason for the delay has not been disclosed. Zhao’s lawyer declined to comment on the change.
Zhao Faces Lengthy Sentence
Changpeng Zhao is facing a potential 18-month prison sentence, although federal prosecutors are reportedly seeking a longer term. Despite requests to return to the UAE, Zhao remains in the US on a $175 million bail. He resigned from his positions in November 2023 to resolve conflicts with US regulatory authorities.
Zhao’s Request to Return to UAE Rejected
In December, a court denied Zhao’s request to return to the UAE after pleading guilty to money laundering charges. US Justice Department prosecutors argue that there is a “substantial risk” he will not come back due to his assets and ties to the UAE, which lacks an extradition treaty with the US.
Binance Agrees to Pay Fines and Restitution
Binance has agreed to pay $4.3 billion in fines and restitution as part of its guilty plea for operating an unlicensed money-transmitting business and violating the International Emergency Economic Powers Act.
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