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Binance Ex-CEO CZ’s Case Postponed!! CZ’s ongoing case postponed to late April. Binance ex-CEO Changpeng Zhao, faces against money laundering allegations.
CZ’s Money Laundering Case Postponed to Late April
The sentencing of former Binance CEO Changpeng Zhao, commonly known as “CZ,” on a charge related to money laundering rules has been delayed until April 30, as per a notice issued by the Seattle federal court on Monday.
Zhao, who currently resides in the United Arab Emirates, is out on a $175 million release bond in the United States. He pleaded guilty on November 21 to a charge of failing to maintain an effective anti-money laundering program at Binance, the world’s largest cryptocurrency exchange, which he founded.
The reason for the two-month postponement in sentencing was not specified in the court docket entry. Zhao’s attorney, William Burck, declined to provide any comments regarding the delay.
Federal sentencing guidelines suggest a maximum prison term of 18 months for Zhao. However, prosecutors are reportedly considering seeking a harsher sentence.
As part of his guilty plea, Zhao agreed to step down as Binance’s CEO and pay a $50 million fine. Binance itself agreed to pay $4.3 billion in fines and restitution after pleading guilty to various charges, including conspiracy to conduct an unlicensed money-transmitting business and violating the International Emergency Economic Powers Act.
Treasury Secretary Janet Yellen condemned Binance, stating that the exchange had been facilitating illicit transactions, ranging from child sexual abuse to illegal narcotics and terrorism-related activities.
Originally scheduled for February 23, Zhao’s sentencing date was pushed back. U.S. District Judge Richard Jones denied Zhao’s request to travel to his home in the United Arab Emirates before sentencing, citing concerns about his substantial wealth and limited ties to the United States, which raised flight risk concerns.
In late December, Judge Jones also rejected another request from Zhao to travel to the U.A.E. Zhao had cited the need to be present for the hospitalization and surgery of someone close to him and had offered his equity in Binance as security for his return.
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