Connect with us

Hi, what are you looking for?

Economy

Binance Founder CZ’s Sentencing Pushed to April, Potential Prison Term Looms

The sentencing date for Binance founder and former CEO Changpeng “CZ” Zhao has been postponed from February 23rd to April 30th, according to a notice filed in a Seattle Federal Court, CNBC reported. Earlier, Zhao pleaded guilty to money laundering charges in November 2023.

While originally facing a possible 18-month prison sentence, recent developments suggest a harsher punishment could be on the table for one of the most influential crypto personalities. A November 24th filing from the prosecution indicates they may argue for a sentence closer to the statutory maximum of ten years.

The prosecutors have contested the defense’s claims that Zhao poses minimal flight risk and deserves a lenient sentence.

Longer Prison Term Unlikely


Despite the prosecutors’ efforts for a harsher punishment, legal experts like former SEC official John Reed Stark believe a 12-18 month sentence at a minimum-security facility remains more likely under current sentencing guidelines. Zhao’s legal team is expected to push for alternative options like community service or probation instead of jail time.

Currently, Zhao remains in the United States on a $175 million bond awaiting his sentencing. His previous request to travel to Dubai before the trial was denied due to flight risk concerns. Recent reports revealed he offered his entire equity in Binance.US (valued at approximately $4.5 billion) as additional security.

This case stems from accusations that Binance failed to comply with anti-money laundering regulations, allegedly allowing illegal activities on its platform. To settle these charges, Zhao pleaded guilty and the exchange reached a $4.3 billion agreement with the US government. CZ also stepped down as CEO of Binance as part of the agreement.

The post Binance Founder CZ’s Sentencing Pushed to April, Potential Prison Term Looms appeared first on Cryptonews.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

As Bitcoin approaches a monumental milestone, speculation around its price trajectory intensifies, with many wondering if reaching $100,000 in March is within the realm...

Economy

A just-launched meme token called FrogWifHat (FWIW) is generating a significant buzz within web3 circles as it attempts to emulate the viral success of...

Economy

Dogecoin, the leading cryptocurrency in the meme coin market, has captivated investors, especially those driven by the fear of missing out (FOMO), with a...

Economy

Crypto exchange Binance unveiled a new promotion on February 28 for its VIP Invitation Program that is set to target traditional asset traders. In...

Economy

Japan is a global leader in compliant crypto payment services, according to a report published today by independent finance news outlet FinanceFeeds. The conclusion...

Economy

The DogWifHat price has erupted by 41% in the past 24 hours, surging to $0.7766 as the crypto market enjoys a 3.5% gain today....

You May Also Like

Financial Advisors

[#item_full_content]

Financial Advisors

[#item_full_content]

Financial Advisors

The humongous outbreak of the dreaded coronavirus has brought about a groundbreaking change in what the world perceived as ‘normal’. With an estimated 280,391,189...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Respect Investment. All Rights Reserved.