The Seattle federal court has postponed the criminal sentencing of Binance founder Changpeng Zhao until April 2024. Despite admitting to charges of money laundering and other allegations by the SEC, Zhao remains free within the United States on a $175 million bail. The reason for the delay remains unclear, with Zhao’s lawyer declining to comment. Prosecutors may seek a longer sentence, potentially up to 18 months in prison, based on federal penalties.
In addition to Zhao’s legal challenges, Binance has agreed to pay a staggering $4.3 billion fine and compensation for conducting unlicensed money transfers and other illegal activities. Treasury Secretary Janet Yellen condemned Binance for facilitating illegal transactions, including activities like child sexual exploitation and terrorism. Despite Zhao’s request to return to his UAE residence being denied by US District Judge Richard Jones, citing concerns about Zhao’s ability to flee due to his wealth and lack of visible ties to the US, the case continues to draw attention. (Source: cointurk)
