Crypto Giant Binance’s Former CEO Changpeng Zhao’s Money Laundering Sentencing Rescheduled for April 30 Amidst $4.3 Billion Settlement
Crypto News – The sentencing hearing for Changpeng Zhao, the founder and former CEO of Binance, regarding charges of money laundering, has been rescheduled for April 30th, according to an announcement from a federal court in Seattle on Monday. Initially scheduled for February 23rd, Zhao’s sentencing has been subject to delay.
Following an extensive investigation by U.S. authorities, Zhao admitted to violating the Bank Secrecy Act and stepped down from his position as CEO of Binance in November of the previous year. This admission was part of a larger settlement agreement between Binance and the U.S. government, amounting to $4.3 billion. In addition, Zhao agreed to a personal fine of $50 million.
Presently, Zhao remains at liberty on bail in the United States, having posted a bond of $175 million. In December, a U.S. Federal Court decision imposed a travel ban on Zhao, rejecting his request to travel to Dubai due to concerns about potential flight risks.
Under federal guidelines, Zhao faces a potential prison term of up to 18 months, although U.S. prosecutors have argued that he could receive a maximum sentence of 10 years.
“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,” stated prosecutors in a filing made in November.