United

April

Dubai

The criminal sentencing for Binance founder and former CEO Changpeng “CZ” Zhao has been pushed back to April 30.
The “notice of rescheduled hearing” was filed in a Seattle Federal Court on Feb. 12. Zhao was originally due to be sentenced on Feb. 23 after pleading guilty to money laundering charges. He is expected to <a href="https://cointelegraph.com/news/what-next-binance-changpeng-cz-zhao">face up to&nbsp;18 months in prison</a>.
However, a Nov. 24 filing by the prosecution indicated that <a href="https://cointelegraph.com/news/what-next-binance-changpeng-cz-zhao">he may face a harsher punishment</a> than initially expected.
<blockquote data-ct-non-breakable="true">
 “The defense claims that Mr. Zhao faces merely a “brief” sentence and has no incentive to flee. The reality is that the top-end of the Guidelines range may be as high as 18 months, and the United States is free to argue for any sentence up to the statutory maximum of ten years.”
</blockquote>
Some, however, believe a longer sentence is unlikely.&nbsp;
<a href="https://twitter.com/JohnReedStark/status/1728755992639287376" target="_blank" rel="noopener nofollow">According</a> to former U.S. Securities and Exchange Commission official John Reed Stark, Zhao could face&nbsp;a 12–18 month sentence at a minimum security prison under U.S. sentencing guidelines. 
However, his legal team will likely ask for no jail time or an alternative sentence and request to combine prison time with home detention and probation.
Zhao is currently out on bail&nbsp;<a href="https://cointelegraph.com/news/cz-released-on-bond-may-return-to-dubai">on a $175 million bond</a>&nbsp;and is residing in the U.S. awaiting his sentencing. 
On Dec. 29, 2023, a U.S. federal court ordered that <a href="https://cointelegraph.com/news/changpeng-zhao-travel-uae-denied">Zhao be barred from traveling</a> outside the U.S., denying the former Binance executive’s second request to leave for Dubai ahead of his trial.&nbsp;
In a recently unsealed letter to Judge Richard Jones, lawyers for Zhao showed that the Binance founder had <a href="https://cointelegraph.com/news/binance-founder-cz-offered-entire-binance-us-equity-stake-to-leave-us">offered up all of his equity in Binance.US</a> as security, which, according to the letter, was valued at around $4.5 billion based on a funding round two years ago.
Related:&nbsp;<a href="https://cointelegraph.com/news/court-status-report-confirms-binance-sec-odds">Court status report confirms Binance, SEC at odds</a>
The judge suggested CZ could be a flight risk if he were allowed to travel to his home in Dubai, where his family currently resides.&nbsp;
On Nov. 21, Zhao pleaded guilty to failing to maintain an effective Anti-Money Laundering program at Binance and&nbsp;<a href="https://cointelegraph.com/news/us-officials-announce-binance-settlement">reached a $4.3 billion settlement</a> with the U.S. government for allegedly allowing individuals engaged in illicit activities to transfer funds through the exchange. 
He <a href="https://cointelegraph.com/news/binance-richard-teng-ceo-amid-changpeng-zhao-s-forced-departure">stepped down as the CEO</a>&nbsp;of the crypto exchange as part of the settlement.
Big Questions:&nbsp;<a href="https://cointelegraph.com/magazine/big-questions-can-bitcoin-payments-make-a-comeback/">How can Bitcoin payments stage a comeback?</a>

Binance founder CZ’s sentencing date postponed to late April

Cointelegraph

Other articles published on Feb 13, 2024

Key Shiba Inu investor holding $30M SHIB makes a huge investment in this crypto priced at $0.11

What Was the Force Behind Bitcoin’s Rally Yesterday? Analysts Point to China

Fetch.ai and Deutsche Telekom Partner to Drive Epic Industrial Adoption

Experimental Ethereum ERC-404 standard spurs competitor

Ethereum Price Prediction: ETH Pumps 5% as Franklin Templeton Joins Ethereum ETF Race, And This N...

Binance Founder CZ’s Sentencing Pushed to April, Potential Prison Term Looms

Join our free newsletter for daily crypto updates!