Binance Founder's Sentencing Delayed to April, Faces Money Laundering Charges
Summary:
The sentencing of Changpeng "CZ" Zhao, ex-CEO of Binance, has been postponed to April 30. The hearing regards money laundering charges and could lead to an 18-month prison sentence. Zhao remains in the U.S. on a $175 million bond and has been restricted from international travel. On November 21, he confessed to neglecting an efficient anti-money laundering system in Binance and agreed to a $4.3 billion settlement with the U.S. government. He resigned as Binance's CEO as part of the settlement.
The final judgement in the criminal case against Changpeng "CZ" Zhao, the founder and previous CEO of Binance, has been deferred till April 30. A notice shared on February 12 in a Federal Court in Seattle states that Zhao's sentencing session, regarding accusations of money laundering, will take place then. The anticipated maximum sentence could be as long as 18 months. Zhao continues to live in America, out on a bail amounting to $175 million. A directive from a U.S. Federal court on December 29 restricted Zhao's travels outside of the U.S, following his request to depart for Dubai. On November 21, Zhao confessed to not implementing an efficient anti-money laundering system at Binance. Consequently, he agreed upon a $4.3 billion settlement with the U.S. government after being accused of enabling certain illegal activity participants to move funds via the crypto exchange. This incident led to his resignation as Binance's CEO. More details will be shared on this ongoing story as they are received.
Published At
2/13/2024 4:17:11 AM
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