The criminal sentencing of the founder and former CEO of Binance, the world’s largest crypto exchange platform, has reportedly been postponed until April.
Changpeng Zhao’s sentencing on US Department of Justice charges alleging the executive branch failed to enforce adequate anti-money laundering protocols will be delayed for at least another two months, according to a new CNBC report.
According to the report, the court filing does not provide an official reason for the delay.
Zhao, a Canadian citizen and resident of the United Arab Emirates, is currently in the US, free on $175 million bail. Due to his wealth, the former CEO is considered a flight risk by U.S. District Judge Richard Jones.
When Zhao pleaded guilty in November, he agreed to resign as CEO of Binance in addition to paying a $50 million fine. Binance paid $4.3 million in refund fees.
Last December, the chairman of the Commodities Futures Trading Commission (CFTC) said in a CNBC interview that CZ could face jail time over the charges.
CFTC Chairman Rostin Behnam said in a CNBC interview that he expects Zhao will spend time in prison after pleading guilty.
said Behnam,
“We have more than $4 billion in criminal and civil fines. The CFTC, Justice [Department] and The Treasury. Obviously there’s the criminal side, so he goes to jail.
The ruling will take some time. So I think we work together in law enforcement, both criminal and civil [and] we feel like we have a bad actor here and it sends a clear message.”
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