Changpeng Zhao, the founder and former CEO of Binance, the world’s largest cryptocurrency exchange, has encountered a delay in his sentencing, which has been rescheduled to April 30 from the initial date of February 23.
The reason behind the postponement of the sentencing remains undisclosed, with Zhao’s lawyer, William Burke, refraining from providing any comments on the matter.
Facing the prospect of 18 months in prison, reports suggest that federal prosecutors are pushing for a longer sentence. Despite repeated requests to return to the UAE, Zhao remains in the US, having been released on a bail amounting to $175 million.
In a move to mitigate the conflict between US regulatory authorities and the trading platform, Zhao tendered his resignation as CEO of Binance in November 2023. He also stepped down from his position as Chairman of the Board of Directors of Binance’s US division. The charges against Zhao primarily revolve around allegations of money laundering.
In December, Zhao’s plea to return to the UAE was rejected by the court, following his guilty plea in November. US Justice Department prosecutors express concerns over Zhao’s potential flight risk, citing his substantial assets and close ties to the UAE, which lacks an extradition treaty with the United States.
Concurrently, Binance has agreed to pay fines and restitution totaling $4.3 billion as part of its guilty plea to charges including conspiracy to operate an unlicensed money-transmitting business and violating the International Emergency Economic Powers Act.
