Changpeng Zhao, founder and former CEO of Binance, will have to wait until April 30 to be sentenced.
The federal court in Seattle announced Monday that sentencing for Changpeng Zhao, founder and former CEO of Binance, on money laundering charges has been rescheduled for April 30, changing the original date from February 23.
After an exhaustive investigation by U.S. authorities, Zhao, pleaded guilty to violating the Bank Secrecy Act and resigned as CEO of Binance last November. This admission was part of a broader settlement in which Binance agreed to pay $4.3 billion to the U.S. government. Zhao also agreed to a $50 million personal fine.
Currently out on bail in the United States on $175 million bond, Zhao faces a possible prison sentence of up to 18 months under federal guidelines, although U.S. prosecutors have argued that he could receive up to 10 years.
The travel ban on Zhao was imposed last December, denying his request to visit Dubai due to concerns about a possible flight risk. "The reality is that the upper end of the Guidelines range can be as high as 18 months, and the United States is free to advocate for any sentence up to the statutory maximum of ten years," prosecutors said in a November filing.
Zhao pleaded guilty and surrendered his position :
At the end of November last year, Binance director "Changpeng Zhao" resigned from his position and pleaded guilty in a Seattle court to violating U.S. anti-money laundering laws.
According to several legal experts, these actions were the wisest on the part of the former Binance director. This because it will leave Zhao's wealth virtually intact and allow him to keep his share stake in Binance, the exchange he founded in 2017 and currently the most popular globally.
The settlement, for which the Binance director will have to pay an individual fine of $50 million, was described by prosecutors as one of the "largest corporate penalties in U.S. history."