Former Binance CEO and founder Changpeng Zhao (CZ) will continue to face legal uncertainty after a US court pushed back the date for his money laundering case to April 30.
Zhao previously entered a guilty plea to counts of money laundering, and his sentencing was initially scheduled for February 23.
CZ’s Sentencing: Binance Founder Faces Court in April
Some legal experts expect the Binance founder and crypto billionaire to spend as much as eighteen months behind bars. However, some others claim he might face a tougher sentence than expected.
Prosecutors wrote in a filing in November: “The defense claims that Mr. Zhao faces merely a “brief” sentence and has no incentive to flee. The reality is that the top-end of the Guidelines range may be as high as 18 months, and the United States is free to argue for any sentence up to the statutory maximum of ten years.”
Former SEC employee John Reed Stark claims Zhao could receive a 12- to 18-month sentence at a minimum-security prison. However, many expect CZ’s legal team to negotiate a deal that involves no jail time or a sentence that combines prison time with home detention and probation.
Breaking News: U.S. DOJ Reveals That Prosecutors May Argue That CZ Should Be Sentenced To 10 Years In Prison
The U.S. Department of Justice (DOJ) charged ChangPeng Zhao (CZ) with, and CZ pled guilty to, one count of violating the Bank Secrecy Act. The charge stems from a mammoth… pic.twitter.com/gJ5EsB082Q
— John Reed Stark (@JohnReedStark) November 26, 2023
CZ Faces Legal Uncertainty.
Zhao was one of the prominent crypto executives who had troubles with US authorities in 2023. The Binance founder admitted to violating US anti-money laundering policies while in charge of Binance.
Binance CEO 'CZ' Pleads Guilty to Money Laundering, Slapped with $4.3 Billion Fine! pic.twitter.com/3ej0WXnN6M
— Crypto News Alerts 🔥🎙 (@CryptoNewsYes) November 22, 2023
CZ opted to resign from his role at the exchange as part of a settlement and will not take an official role at the firm for three years. In addition, Binance paid a fine of $4.3 billion as a settlement and will work with close supervision.
Zhao is presently living in the United States while he awaits his sentence and is free on a $175 million bond. Last December, a U.S. federal court denied Zhao’s second plea to depart for Dubai before his trial, deeming him a flight risk.
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