Just-In: Court Delays Binance Founder CZ’s Criminal Sentencing, Here’s Why
Highlights
- The Seattle Court hasn't given any specific details about the delay in CZ's sentencing.
- Reportedly, the Binance founder won't be allowed to leave the Us by the end of April.
- Zhao could be facing a maximum prison of 18 months as per federal sentencing guidelines.
As per the latest notice on Monday, February 12, the Seattle federal court has delayed the criminal sentencing for Changpeng Zhao to late April 2024. Zhao has been facing money laundering and other charges amid a crackdown on crypto exchange Binance, by the U.S. Securities and Exchange Commission (SEC). Originally, Zhao’s sentencing was scheduled to happen by the end of February this month.
The Court Has No Explanation for Delay In CZ’s Sentencing
Binance founder Changpeng Zhao is currently free on a $175 million release bond in the United States and awaits further legal proceedings.
While the reason behind the postponement remains undisclosed in the docket entry, Zhao’s lawyer, William Burck, chose not to comment on the matter when approached for clarification. Federal sentencing guidelines propose a maximum prison term of 18 months for Zhao. However, reports suggest that prosecutors might seek a harsher sentence in his case.
Zhao pleaded guilty on Nov. 21 to a charge related to the failure to maintain an effective anti-money laundering program at Binance, the world’s largest cryptocurrency exchange. As part of his plea deal, he agreed to step down from his role as Binance’s CEO and pay a hefty $50 million fine.
Binance Pays a Hefty Fine
Amid all the developments, Binance consented to settle for $4.3 billion in fines and restitution as it entered a guilty plea for conspiracy charges related to operating an unlicensed money-transmitting business, engaging in such activities, and breaching the International Emergency Economic Powers Act. As Zhao and binance pleaded guilty, Treasury Secretary Janet Yellen said:
“Binance was allowing illicit actors to transact freely, supporting activities from child sexual abuse to illegal narcotics to terrorism”.
In early December, the judge presiding over Zhao’s case dismissed his plea to travel back to his residence in the United Arab Emirates before his sentencing.
U.S. District Judge Richard Jones justified his decision by pointing out Zhao’s significant wealth and absence of connections to the United States, deeming him a potential flight risk.
Subsequently, in late December, Jones turned down another request from Zhao to travel to the U.A.E. This time, Zhao stated his intention to return home due to the “hospitalization and surgery” of a person close to him. However, Zhao proposed to use his equity in Binance as collateral to ensure his return
- Crypto Market Tumbles as Jerome Powell Says December Rate Cut ‘Far From Certain’
- FOMC Meeting: Federal Reserve Lowers Interest Rates by 25 Bps in Second Cut of the Year
- WLF Token Jumps 7% as Former Robinhood Counsel Joins Trump-Backed World Liberty Financial
- Changpeng Zhao “CZ” Warns Investors “Don’t Buy” Golden Statue Meme Coin After 27,000% Surge
- Markets Expect October Fed Rate Cut as Bitcoin Repeats Post-FOMC Pattern
- Ethereum Price Flips BTC in Strategy Shift, Eyes $4500 Level
- Expert Predicts XRP Price to Hit $10 as Elliot Wave, XRPR ETF Inflows Align
- HYPE Price Prediction as 21Shares Files S-1 for Hyperliquid ETF—Can Bulls Push HYPE to $60?
- Bitcoin Price Rally Bound? How the Fed’s Move May Unleash Crypto
- Can ASTER Price Rebound 50% as Whale Activity and Bullish Pattern Align?
- Pi Network Patterns Point to More Gains Despite Manipulation Claims
MEXC