<\/p>\n
The founder and former chief executive of Binance, the world\u2019s largest crypto exchange platform, has reportedly had his criminal sentencing postponed until April.<\/p>\n
According to a new\u00a0report<\/a> from CNBC, Changpeng Zhao\u2019s (CZ) sentencing from charges brought forth by the U.S. Department of Justice, which claimed that the executive failed to maintain adequate anti-money laundering protocols, will be delayed at least two more months.<\/p>\n The court record gives no official reason for the delay, according to the report.<\/p>\n Zhao, a Canadian national and a resident of the United Arab Emirates, is currently in the US, free on a $175 million bond. Due to his level of wealth, the former CEO is considered a flight risk by U.S. District Judge Richard Jones.<\/p>\n When Zhao pleaded guilty in November, he agreed to step down from Binance\u2019s CEO post, in addition to paying a $50 million fine. Binance paid $4.3 million in restitution fees.<\/p>\n Last December,<\/a> The Chair of the Commodities Futures Trading Commission (CFTC) said CZ would face prison time over the charges in a CNBC interview.<\/p>\n Speaking in a CNBC interview, CFTC Chair Rostin Behnam said that he expects Zhao to spend time in prison after pleading guilty.<\/p>\n Said Behnam,<\/p>\n \u201cWe have over $4 billion in fines on the criminal and civil side. The CFTC, Justice [Department] and The Treasury. Obviously, there\u2019s the criminal side so he will be going to jail.<\/em><\/p>\n The sentencing will be taking a bit of time. So I think law enforcement, both criminal and civil, we work together\u00a0[and] we feel like we got a bad actor here and it\u2019s sending a clear message.\u201d<\/em><\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
\n
\nCheck Price Action<\/a><\/span><\/em>
\n
\nFollow us on Twitter<\/a>, Facebook<\/a> and Telegram<\/a><\/span><\/em>
\n
\nSurf The Daily Hodl Mix<\/a><\/span><\/em>
\n<\/p>\n