Binance’s Former CEO Won’t Be Sentenced Until Late April
The sentencing for the former Binance’s CEO Changpeng Zhao on February 23 has been postponed until late April.
After a series of investigations, the US prosecutors charged Binance’s former CEO, Changpeng Zhao, for violating the Bank Secrecy Act. Zhao stepped down from his role as CEO of Binance and as Chairman of the Board of Directors of the US division of Binance last November. This is to resolve the conflict between the US regulatory authorities and Binance. The former CEO has pleaded guilty and consented to a personal fine of $50 million.
However, the sentencing for the former Binance CEO has been rescheduled to April 30 instead of February 23. CZ will be facing 18 months in prison. However, the federal prosecutors are seeking a longer sentence.
“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.”
CZ is currently out on bail on a $175 million bond, still residing in the US, awaiting his sentencing. This is after the court rejected his request to return to the U.A.E in December 2023. According to the prosecutors, there’s a “substantial risk” that Zhao will not return to the US as the UAE doesn’t have an extradition treaty with the US.
Binance, on the other hand, agreed to settle $4.3 billion in fines and restitution as part of the former CEO’s guilty plea to conspiracy to operate an unlicensed money-transfer business.
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