Changpeng Zhao Delayed Sentencing To April Without Explanation: Report

Key Points:

• Binance founder Changpeng Zhao’s sentencing is postponed to April from February 23, with no reason given.
• Zhao, currently residing in the UAE, is free on a $175 million bond but must stay in the US until his sentencing.

According to Bloomberg, Ex-Binance founder Changpeng Zhao delayed sentencing to April with no explanation. He pleaded guilty to failing AML policies, faces potentially 18 months in prison.

The sentencing of Binance Holdings Ltd. founder Changpeng Zhao, widely known as “CZ”, has been postponed from February 23 to April, with US District Judge Richard Jones offering no explanation for the rescheduling.

Readmore: Judge Orders Binance Founder CZ Must Stay in US Until Sentencing

Changpeng Zhao Delayed Sentencing Until April 2024

Zhao, the former CEO of the world’s largest cryptocurrency exchange, and Binance pleaded guilty in November to failing to implement anti-money laundering policies.

As part of a broad agreement with prosecutors that allows the exchange to continue its operations, Binance agreed to pay $4.3 billion in fines and forfeitures.

Details on Anti-Money Laundering Policy Violations

Zhao, who stepped down as CEO in the wake of the deal, could face up to 10 years in prison but is expected to receive no more than 18 months.

He has also agreed to pay a $50 million fine. Currently residing in the United Arab Emirates, Zhao is free on a $175 million bond but must stay in the US until his sentencing.

In December, his request to travel to the UAE was denied by Judge Jones, despite Zhao offering to post his $4.5 billion equity interest in Binance’s US arm as security. Zhao’s lawyer has not commented on the change in sentencing date.