The sentencing for Changpeng Zhao, the founder and former CEO of Binance, facing charges of money laundering, has been rescheduled to April 30, as confirmed by a Seattle federal court on Monday. Originally scheduled for February 23, the delay extends the period of uncertainty surrounding Zhao’s legal proceedings.
Following an extensive investigation by U.S. authorities, Zhao admitted guilt for violating the Bank Secrecy Act and stepped down from his CEO position at Binance in November. This admission was part of a broader settlement with the U.S. government, which saw Binance agreeing to pay $4.3 billion. Additionally, Zhao consented to a personal fine of $50 million.
Presently, Zhao remains out on bail in the United States, having posted a $175 million bond. However, a travel ban was imposed on him by the U.S. Federal Court last December, preventing his visit to Dubai, citing concerns about potential flight risks.
Under federal guidelines, Zhao faces a potential prison term of up to 18 months, although U.S. prosecutors argue for a maximum of 10 years. Prosecutors emphasized in a filing last November that while the top end of the Guidelines range may be 18 months, they reserve the right to advocate for any sentence up to the statutory maximum of ten years.