The trial of former Binance CEO Changpeng Zhao has been rescheduled to April 30, 2024, CNBC reported, citing information from a federal court notice.
Originally scheduled for Feb. 23, the trial of Changpeng Zhao, also known as CZ, has been postponed to April for undisclosed reasons. Attorneys representing Zhao declined to comment on the matter.
As a reminder, CZ was found guilty in November 2023 of engaging in #money laundering activities and violating the "Bank Secrecy Act." As part of the guilty plea, Binance agreed to pay significant fines totaling $4.3 billion.
#Changpeng Zhao potentially faces a maximum sentence of 18 months in prison. According to John Reed Stark, a former #SEC official, the Justice Department will likely seek a harsher penalty. To do so, the agency would need to present compelling evidence of Zhao's guilt.
Breaking News: U.S. DOJ Reveals That Prosecutors May Argue That CZ Should Be Sentenced To 10 Years In Prison
— John Reed Stark (@JohnReedStark) November 26, 2023
The U.S. Department of Justice (DOJ) charged ChangPeng Zhao (CZ) with, and CZ pled guilty to, one count of violating the Bank Secrecy Act. The charge stems from a mammoth… pic.twitter.com/gJ5EsB082Q
For now, the entrepreneur remains at large, having been released on $175 million bail. A United States court has placed travel restrictions on Changpeng Zhao, preventing him from leaving the country until his trial. The government fears that if he is allowed to return to the UAE, the former #Binance CEO may try to go into hiding.
Zhao reportedly tried to leave the country using #Binance US shares as collateral to post bail, but a federal judge denied the exit request.
According to Bloomberg, the former Binance CEO's net worth is estimated at more than $37 billion. His fortune has increased by $25 billion since January 2023.
