The founder and former chief executive of Binance, the world’s largest crypto exchange platform, has reportedly had his criminal sentencing postponed until April.
According to a new report from CNBC, Changpeng Zhao’s (CZ) sentencing from charges brought forth by the U.S. Department of Justice, which claimed that the executive failed to maintain adequate anti-money laundering protocols, will be delayed at least two more months.
The court record gives no official reason for the delay, according to the report.
Zhao, a Canadian national and a resident of the United Arab Emirates, is currently in the US, free on a $175 million bond. Due to his level of wealth, the former CEO is considered a flight risk by U.S. District Judge Richard Jones.
When Zhao pleaded guilty in November, he agreed to step down from Binance’s CEO post, in addition to paying a $50 million fine. Binance paid $4.3 million in restitution fees.
Last December, The Chair of the Commodities Futures Trading Commission (CFTC) said CZ would face prison time over the charges in a CNBC interview.
Speaking in a CNBC interview, CFTC Chair Rostin Behnam said that he expects Zhao to spend time in prison after pleading guilty.
Said Behnam,
“We have over $4 billion in fines on the criminal and civil side. The CFTC, Justice [Department] and The Treasury. Obviously, there’s the criminal side so he will be going to jail.
The sentencing will be taking a bit of time. So I think law enforcement, both criminal and civil, we work together [and] we feel like we got a bad actor here and it’s sending a clear message.”
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney