Binance founder Changpeng Zhao sentencing rescheduled for April 30

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Binance co-founder Chang­peng Zhao’s sen­tenc­ing, ini­tial­ly set for Feb. 23, has been resched­uled for April 30, as dis­closed in a Feb. 12 court filing.

Zhao faces poten­tial impris­on­ment of up to 18 months based on US guide­lines and pro­vi­sions. How­ev­er, the pros­e­cu­tors have hint­ed at the pos­si­bil­i­ty of seek­ing the statu­to­ry max­i­mum prison sen­tence of 10 years.

Last Novem­ber, Zhao, the for­mer CEO of the largest cryp­to exchange by trad­ing vol­ume, pled guilty to anti-mon­ey laun­der­ing charges as part of an exten­sive deal with the US gov­ern­ment, includ­ing his plat­form, Binance. The cryp­to trad­ing plat­form agreed to pay the author­i­ties $4.3 bil­lion in fines.

As part of the agree­ment, Zhao relin­quished his role as CEO of Binance, hand­ing over lead­er­ship to Richard Teng.

Sub­se­quent­ly, Zhao found him­self entan­gled in legal bat­tles con­cern­ing his sen­tenc­ing. The cryp­to bil­lion­aire is on bail secured by a $175 mil­lion bond.

Mean­while, recent rev­e­la­tions revealed that he had offered all his equi­ty in Binance.US, val­ued at approx­i­mate­ly $4.5 bil­lion, in an attempt to trav­el to the UAE. How­ev­er, con­cerns about Zhao being a flight risk emerged, par­tic­u­lar­ly regard­ing his res­i­dence in Dubai, where his fam­i­ly resides.

Despite argu­ments from his legal team assert­ing his com­mit­ment to remain­ing present in the US and accept­ing account­abil­i­ty for his actions, the judge deemed the flight risk too sub­stan­tial to per­mit trav­el to his Dubai residence.

The post Binance founder Chang­peng Zhao sen­tenc­ing resched­uled for April 30 appeared first on Cryp­toSlate.

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