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Binance founder’s court date pushed back to April 30 – Crypto News

Published

3 years ago

February 14, 2024

Dripp

Changpeng Zhao, the former chief executive officer of Binance, is set to be sentenced on April 30.

The founder of the world’s largest cryptocurrency exchange by trading volume could face up to 18 months in prison.

Zhao, who has pleaded guilty to money laundering charges and resigned from his CEO position in November, was set to be sentenced next Friday but has been rescheduled to late April.

Binance and Zhao pleaded guilty to federal charges in November and admitted to engaging in anti-money laundering, unlicensed money transmitting, and sanctions violations. Binance has agreed to pay over US$4 billion to resolve the U.S. government’s investigations into violations related to the Bank Secrecy Act.

He has been released on a US$175 million bond but has been prohibited from leaving the country.

Zhao’s sentencing in April is set to occur approximately a month after the sentencing of Sam Bankman-Fried on March 28.

Bankman-Fried, the former CEO of bankrupt cryptocurrency exchange FTX, faces a maximum sentence of 115 years in prison. He was found guilty of seven counts of fraud and conspiracy last November after 15 days of testimony.

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