thecoinrise.com
The sentencing of former Binance chief executive Changpeng Zhao, also known as CZ in the digital asset space, has been postponed to late April, as per a recent turn of events. The billionaire crypto entrepreneur is currently facing 18 months in prison.
As reported earlier by TheCoinRise, the Binance chief executive made an attempt to pledge his multi-billion-dollar stake in the US arm of the crypto exchange to make it out of the United States in December. The billionaire has been trying to visit the United Arab Emirates (UAE), where he holds his citizenship.
Binance Founder’s Sentencing Postponed
A report said that the crypto entrepreneur’s hearing has been postponed to April 30 as per a “notice of rescheduled hearing,” which was filed in a Seattle Federal Court on February 12. The Binance founder was originally scheduled for sentencing on February 23, but it seems that the plans have changed.
A Sentencing Longer than 18 Months
While Zhao is only facing 18 months in prison after pleading guilty to money laundering, the prosecutors can argue for a longer duration. As a result, Zhao has been forced to stay in the US, but his location in the country is currently unknown.
“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,” read the filing.
Maximum Sentencing Unlikely
Some people believe that a longer sentencing for the former Binance is unlikely, and he might not see much jail time. As per former United States Securities and Exchange Commission (SEC) official John Reed Stark, Zhao will likely face between 12 and 18 months of jail time at a minimum-security prison under the United States sentencing guidelines.
Reed also noted that it is likely that the lawyers representing CZ might ask for no jail time or an alternative sentence while asking Judge Richard Jones to combine home detention and probation with the jail time.
Binance Accused of Terror Financing
The leading digital asset exchange and its former CEO were the target of a recent lawsuit filed by the victims of Hamas’ attack on Israel on October 7. The plaintiffs, which include former hostages, family members of those affected, and the estate of a doctor killed while treating casualties, are seeking damages from Binance.