Binance founder Changpeng Zhao sentencing rescheduled for April 30
Zhao faces potential imprisonment of up to 18 months based on US guidelines and provisions. However, the prosecutors have hinted at the possibility of seeking the statutory maximum prison sentence of 10 years.
Last November, Zhao, the former CEO of the largest crypto exchange by trading volume, pled guilty to anti-money laundering charges as part of an extensive deal with the US government, including his platform, Binance. The crypto trading platform agreed to pay the authorities $4.3 billion in fines.
As part of the agreement, Zhao relinquished his role as CEO of Binance, handing over leadership to Richard Teng.
Subsequently, Zhao found himself entangled in legal battles concerning his sentencing. The crypto billionaire is on bail secured by a $175 million bond.
Meanwhile, recent revelations revealed that he had offered all his equity in Binance.US, valued at approximately $4.5 billion, in an attempt to travel to the UAE. However, concerns about Zhao being a flight risk emerged, particularly regarding his residence in Dubai, where his family resides.
Despite arguments from his legal team asserting his commitment to remaining present in the US and accepting accountability for his actions, the judge deemed the flight risk too substantial to permit travel to his Dubai residence.
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