Changpeng Zhao’s Court Verdict Delayed
The court verdict in Changpeng Zhao’s case against the United States government will be postponed, as stated in a notice filed in a Seattle court. CZ, who admitted to violating AML procedures, was allowed to remain free until his sentencing by paying a bail bond of $175 million. An additional $15 million was placed in a trust account that would be confiscated if he violated the bail conditions. He was also fined $50 million, and the exchange he previously led received a fine of $4.3 billion. Zhao has stepped down as CEO.
Two Month Delay
Originally scheduled for this month, Zhao’s court verdict will now be delivered on April 30th, according to a public document released on February 12th. His lawyer declined to comment on the matter due to privacy concerns. This delay means that CZ will be separated from his family in Dubai for an extended period, despite requesting permission to travel there for a family member’s medical treatment. The request was denied even though he offered his Binance equity as collateral.
Prosecution May Argue for Harsher Sentencing
The prosecution has advocated for stricter punishments, with Treasury Secretary Janet Yellen accusing CZ of enabling criminal activities and violating sanctions. However, the defense argues that Binance’s AML shortcomings were due to oversight and lack of prioritization rather than intentional wrongdoing. The defense also highlights Binance’s track record of assisting law enforcement in apprehending cybercriminals. Given CZ’s cooperation and plea deal, it is unlikely that the prosecution’s requests for harsh sentencing will be granted.
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