The sentencing of Binance founder Changpeng Zhao on money laundering charges has been postponed to April 30. This was reported by CNBC, citing a notice from the federal court in Seattle.
The document did not specify the reason for the nearly two-month delay; the verdict was initially expected on February 23.
Federal guidelines suggest a maximum penalty of 18 months in prison for Zhao’s case, the publication noted. Prosecutors had previously indicated their intention to seek a harsher sentence, with discussions of up to a 10-year term.
In November, Zhao pleaded guilty to failing to maintain an effective anti-money laundering program at Binance as the company’s head. As part of an agreement with the U.S. Department of Justice, he agreed to pay a $50 million fine and step down as CEO.
For Binance, the settlement amount was $4.3 billion.
The former CEO posted a $175 million bond to remain free until sentencing.
However, prosecutors demanded that the former head of the platform be prohibited from leaving the U.S., fearing he might flee. They cited significant assets outside the country and minimal ties to the United States as risks.
Zhao’s lawyers contested the travel ban, but the court sided with law enforcement.
In December, the court denied the entrepreneur’s request to return home to the UAE, despite a proposed $4.5 billion bond.
“The defendant possesses substantial wealth and property abroad and has no ties to the United States. His family resides in the UAE, and he apparently holds privileged status. Under these circumstances, the court concludes that the defendant has not demonstrated his intentions to return,” the judge wrote in the order.
According to the Bloomberg Billionaires Index, Zhao’s fortune was estimated at $32.9 billion as of February 13. Throughout 2023, his personal wealth reached even higher levels.
Earlier, Zhao was succeeded as CEO of Binance by Richard Teng, the head of regional markets.