Changpeng Zhao, the pioneer behind Binance, could face a decade behind bars.
The sentencing for Binance's co-founder, Changpeng Zhao, originally slated for February 23, has been postponed to April 30, according to a court document filed on February 12.
Zhao is staring down a potential prison sentence that could stretch to 18 months, in line with United States legal standards. Nevertheless, there's talk from the prosecution side of pushing for the maximum allowable sentence of 10 years.
In a landmark move last November, Zhao, who helmed Binance, the crypto exchange behemoth, admitted guilt to charges related to violating anti-money laundering regulations. This plea was part of a broader settlement with U.S. authorities, which also saw Binance agreeing to a hefty $4.3 billion fine.
This plea led to Zhao stepping down from his role as CEO, passing the baton to Richard Teng.
The legal saga surrounding Zhao's sentencing has been fraught with complications. Currently out on bail, secured by a $175 million bond, Zhao has been at the center of recent disclosures. These include his offer to relinquish his entire stake in Binance.US—estimated to be worth around $4.5 billion—to secure permission for travel to the UAE.
However, the proposition raised alarms about Zhao's potential risk of fleeing, especially given his family's residence in Dubai.
Despite assurances from Zhao's legal representatives about his intentions to stay in the U.S. and face the consequences of his actions, the presiding judge has ruled out travel to Dubai, citing the flight risk as too significant.
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