U.S. prosecutors have postponed the sentencing of Changpeng “CZ” Zhao, the founding father of the Binance cryptocurrency trade, to April 30, CNBC reported late Monday.
The previous head of the biggest cryptocurrency trade by quantity, Zhao was charged with cash laundering and sanctions violations by the U.S. Division of Justice in November following a years-long investigation. Binance was ordered to pay $4.3 billion in penalties and to ‘utterly exit’ the US.
After the DOJ filed prices in opposition to CZ, he stepped down because the CEO of Binance, handing the reins to Richard Teng, who beforehand served as Binance’s World Head of Regional Markets.
“Richard is a extremely certified chief, and with over three many years of economic companies and regulatory expertise, he’ll navigate the corporate via its subsequent interval of development,” Zhao tweeted. “He’ll guarantee Binance delivers on our subsequent section of safety, transparency, compliance, and development.”
Regardless of being free on a $175 million bond in Seattle, U.S. District Decide Richard Jones imposed journey restrictions on the previous cryptocurrency exec, stopping Zhao from leaving the US after prosecutors deemed him a flight danger.
In December, Binance’s authorized crew filed a number of paperwork in federal courtroom that aimed to have the lawsuit by the U.S. Securities and Trade Fee dismissed.
Although Zhao has already paid $50 million in fines, he faces a most of 18 months or a yr and a half in federal jail, CNBC mentioned.