coinspress.com
Changpeng Zhao, the founder and former CEO of Binance, is awaiting his sentencing for charges related to money laundering, which has now been rescheduled to April 30, following an announcement by a Seattle federal court on Monday.
Originally slated for February 23, the sentencing date has been shifted.
Following an extensive investigation by U.S. authorities, Zhao admitted to violating the Bank Secrecy Act and stepped down from his position at Binance in November. This admission was part of a larger agreement in which Binance settled with the U.S. government for $4.3 billion. Additionally, Zhao agreed to pay a personal fine of $50 million.
Currently out on bail in the United States, Zhao posted a $175 million bond for his release. In December, a U.S. Federal Court decision barred Zhao from traveling to Dubai, citing concerns about potential flight risks.
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Zhao potentially faces up to 18 months in prison according to federal guidelines, though U.S. prosecutors have argued for a maximum of 10 years.
Prosecutors stated in a filing in November, “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.”