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Binance Founder Changpeng Zhao’s Criminal Sentencing Delayed to Late April

19d ago
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The post Binance Founder Changpeng Zhao’s Criminal Sentencing Delayed to Late April appeared first on Coinpedia Fintech News

Following his resignation as CEO of Binance and pleading guilty to violating U.S. anti-money laundering laws and sanctions, Changpeng Zhao (CZ) has encountered further legal challenges. His case is delayed for two months, and so are his chances of leaving the U.S. while awaiting sentencing as per a CNBC report

CZ’s Case is Further Delayed

The sentencing for CZ’s money laundering charges has been delayed by two months, with U.S. prosecutors pushing the date back to April 30. Zhao was supposed to get his sentence on February 23. The reasons for this postponement have not been disclosed, leaving CZ and observers uncertain about the legal proceedings. Zhao’s lawyer, William Burck, declined to comment on the postponement to CNBC.

CZ, the former head of Binance, is confronted with serious allegations from the U.S. Department of Justice, including accusations of money laundering and sanctions violations. These charges stem from a lengthy investigation and have resulted in significant penalties for Binance, including the mandate to completely withdraw from the U.S. market.

In response to the charges, CZ resigned as CEO, and leadership was handed over to Richard Teng, who brings extensive financial and regulatory experience. Teng is tasked with leading Binance through its next phase of growth. 

However, despite being out on a $ 175 million bond, CZ is now restricted from leaving the U.S. due to concerns about him being a flight risk. U.S. District Judge Richard Jones imposed this restriction. 

Meanwhile, Binance is dealing with multiple legal challenges. The exchange was ordered to pay a staggering $4.3 billion in penalties and was directed to exit the US market completely. However, Binance’s legal team is actively defending the company against lawsuits, including one filed by the U.S. Securities and Exchange Commission (SEC), aiming to dismiss the charges.

But his lawyers will likely ask for a term that includes home detention, probation, and prison time instead of jail time. 

While CZ has already paid $ 50 million in fines, he could face 12- 18 months in federal prison for his charges. The legal proceedings continue to unfold, shaping the future of Binance and CZ’s involvement in the cryptocurrency space.

19d ago
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