- Binance’s former CEO Changpeng Zhao’s criminal imprisonment has been postponed.
- The sentencing, originally scheduled for February 23, has been postponed until April 30.
- While the reason behind this crucial development remains unknown, Zhao’s lawyer, William Burck, declined to comment.
In a crucial development in the criminal case involving Changpeng Zhao, the former CEO of Binance, Zhao’s imprisonment has been postponed. A recent report stated that Zhao’s sentencing, originally scheduled for February 23, is postponed until April 30.
The great saga began with the Securities and Exchange Commission filing a lawsuit against Binance. In early June 2023, the regulators alleged Binance of 13 charges, including operating unregistered exchanges and facilitating trade of unregistered securities.
Following a long struggle to dismiss the agency’s allegations, Binance and Zhao pleaded guilty in November. Subsequently, Zhao announced his resignation and agreed to pay $4.3 billion in settlement and $50 million in penalty.
Treasury Secretary Janet Yellen, known for her anti-crypto stance, slammed Binance and its founder, alleging, “Binance was allowing illicit actors to transact freely, supporting activities from child sexual abuse to illegal narcotics to terrorism.”
A subsequent filing revealed that Zhao could face a potential imprisonment of up to 10 years. The filing also stated that he could remain free in the US until his sentencing on a $175 million release bond. Though the filing ordered him to be away from the “safe haven of the UAE,” he later requested to visit his homeland for the “hospitalization and surgery” of his close acquaintance.
However, the court dismissed the request, presenting Zhao’s “flight risk.”The court’s current decision on the two-month delay in Zhao’s criminal sentencing has created a buzz in the crypto community. While the court’s intention remains a mystery, Zhao’s lawyer, William Burck, declined to comment on the matter.
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