The criminal sentencing of Changpeng Zhao, the founder and former CEO of Binance, the world’s largest cryptocurrency exchange, has been postponed until April.
Delayed Sentencing
According to a CNBC report, Zhao’s sentencing, stemming from charges brought by the U.S. Department of Justice for failing to maintain adequate anti-money laundering protocols, will be delayed at least two more months. The court record does not provide an official reason for the delay.
Zhao’s Current Status
Zhao, a Canadian national and resident of the United Arab Emirates, is currently in the US, free on a $175 million bond. Due to his wealth, he is considered a flight risk by U.S. District Judge Richard Jones.
Previous Developments
In November, Zhao pleaded guilty to the charges and agreed to step down from his CEO post at Binance and pay a $50 million fine. Binance also paid $4.3 million in restitution fees.
Potential Prison Time
In December, the Chair of the Commodities Futures Trading Commission (CFTC) stated in a CNBC interview that Zhao would likely face prison time. CFTC Chair Rostin Behnam expressed that Zhao would serve time due to the severity of the charges.
Enforcement and Message
Behnam emphasized the joint efforts of law enforcement agencies in pursuing this case and sending a clear message against bad actors in the cryptocurrency industry.
Disclaimer
FastPayCrypto does not provide investment advice. Investors should conduct their own research before making high-risk investments in Bitcoin, cryptocurrency, or digital assets.
