Binance’s former CEO, Zhao Changpeng, CZ, is currently awaiting sentencing in the United States. However, it was recently announced that the sentencing hearing has been postponed to April 30th.
Zhao Changpeng, CZ, signed a plea agreement in December last year, bringing an end to the endless legal battle with the U.S. Department of Justice. As a result, he stepped down from his position as co-founder and CEO of Binance, and has been resting and waiting for the scheduled sentencing hearing at the end of this month. However, according to the latest court documents in the United States, the hearing has been postponed for a full two months.
The reason for the postponement of the sentencing hearing is unknown. According to CNBC, the Seattle Federal Court issued a notice on the 12th of this month stating that CZ’s scheduled sentencing hearing on February 23rd has been postponed to April 30th, but the reason for the delay in this ongoing case has not been made public.
Previously, Binance paid a “record-breaking settlement” of $4.3 billion, while CZ himself agreed to pay a $50 million fine as part of the settlement. He has been waiting for the sentencing hearing to determine how long he will be sentenced for his guilty plea on charges of money laundering and violating banking secrecy laws. The maximum sentence he could face is 10 years imprisonment. However, many U.S. legal experts have indicated that CZ is not expected to receive a sentence exceeding 1.5 years. Currently, he remains in the United States after posting a $175 million bail.
Unable to return home and visit family, CZ is stuck in the United States awaiting judgment. Despite having Canadian citizenship, CZ and his family have been living in the United Arab Emirates for a long time. He had applied to the court on December 22nd of last year, requesting permission to return to the UAE for a period of 1-4 weeks for “medical surgery,” hospital recovery, and to be with his family.
To demonstrate his credibility, CZ even proposed to use his “all shares” in Binance as collateral to the Department of Justice, with a value potentially reaching $4.5 billion. However, Judge Richard Jones of the Seattle District Court reached an agreement with the prosecutor and rejected CZ’s request for bail to leave the country, stating that he should remain in the United States until February 23rd, 2024, to avoid the risk of flight.
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