Changpeng Zhao is still waiting for the final outcome of his case. The founder of giant Binance, who is being prosecuted for money laundering in the United States, will not know his fate until April 30, following the surprise postponement of his sentencing scheduled for February 23.
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Sentencing of Binance founder postponed again
The shadow of prison now hangs over Changpeng Zhao. Just a few months ago, the founder of Binance sat atop its crypto empire, as the world leader in crypto exchanges.
Today, his future looks bleak following his indictment last November for repeated violations of US anti-money laundering laws.
After years of federal investigations, Zhao finally “bowed to pressure” and pleaded guilty to the charges brought against him, thus saving his empire from destruction.
In addition to his forced departure from Binance, he had agreed to pay several million dollars in personal fines as part of a 4.3 billion agreement reached between the crypto exchange giant and the US Department of Justice.
Although he was originally due to face his fate on February 23 when his sentence was handed down, his moment of truth was postponed to April 30, leaving doubt as to the sentence that awaits him.
A sentence of up to 10 years for CZ?
Although he theoretically faces up to 18 months in prison under federal guidelines, some fear that his sentence will reach the legal maximum of 10 years requested by the prosecution.
So far, CZ is under house arrest in the United States. He had been refused a second time by the American justice system after renewing his request for exile in Dubai, pending trial.
CZ now seems condemned to remain in the United States, willingly or not. For how long, no one knows yet. The answer is only a matter of time, with the outcome of this affair now promised for April 30.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
