By: Eva Baxter
Binance co-founder Changpeng Zhao's sentencing, earlier planned for February 23, has been rescheduled for April 30 according to a recent court filing. Having been found guilty of anti-money laundering charges, Zhao is potentially facing imprisonment of up to 18 months according to US guidelines, but prosecutors have alluded to the possibility of seeking a maximum prison sentence of 10 years.
Last November, Zhao, former CEO of the world's largest crypto exchange by trading volume, pleaded guilty to the charges and reached an extensive agreement with the US government in which Binance agreed to pay $4.3 billion in fines. Following this agreement, Zhao gave up his role as Binance's CEO handing over the position to Richard Teng.
Zhao has since been embroiled in legal proceedings concerning his sentencing and is currently on bail secured by a $175 million bond. He recently attempted to travel to UAE by proposing to offer all his equity in Binance.US, estimated at approx. $4.5 billion. Nonetheless, concerns regarding him being a flight risk have emerged, particularly concerning his family living in Dubai.
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