CZ Sentencing Postponed Until End of April: Report

Share via:


U.S. prosecutors have postponed the sentencing of Changpeng “CZ” Zhao, the founder of the Binance cryptocurrency exchange, to April 30, CNBC reported late Monday.

The former head of the largest cryptocurrency exchange by volume, Zhao was charged with money laundering and sanctions violations by the U.S. Department of Justice in November following a years-long investigation. Binance was ordered to pay $4.3 billion in penalties and to ‘completely exit’ the United States.

After the DOJ filed charges against CZ, he stepped down as the CEO of Binance, handing the reins to Richard Teng, who previously served as Binance’s Global Head of Regional Markets.

“Richard is a highly qualified leader, and with over three decades of financial services and regulatory experience, he will navigate the company through its next period of growth,” Zhao tweeted. “He will ensure Binance delivers on our next phase of security, transparency, compliance, and growth.”

Despite being free on a $175 million bond in Seattle, U.S. District Judge Richard Jones imposed travel restrictions on the former cryptocurrency exec, preventing Zhao from leaving the United States after prosecutors deemed him a flight risk.

In December, Binance’s legal team filed several documents in federal court that aimed to have the lawsuit by the U.S. Securities and Exchange Commission dismissed.

Though Zhao has already paid $50 million in fines, he faces a maximum of 18 months or a year and a half in federal prison, CNBC said.

Stay on top of crypto news, get daily updates in your inbox.


Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Popular

More Like this

CZ Sentencing Postponed Until End of April: Report


U.S. prosecutors have postponed the sentencing of Changpeng “CZ” Zhao, the founder of the Binance cryptocurrency exchange, to April 30, CNBC reported late Monday.

The former head of the largest cryptocurrency exchange by volume, Zhao was charged with money laundering and sanctions violations by the U.S. Department of Justice in November following a years-long investigation. Binance was ordered to pay $4.3 billion in penalties and to ‘completely exit’ the United States.

After the DOJ filed charges against CZ, he stepped down as the CEO of Binance, handing the reins to Richard Teng, who previously served as Binance’s Global Head of Regional Markets.

“Richard is a highly qualified leader, and with over three decades of financial services and regulatory experience, he will navigate the company through its next period of growth,” Zhao tweeted. “He will ensure Binance delivers on our next phase of security, transparency, compliance, and growth.”

Despite being free on a $175 million bond in Seattle, U.S. District Judge Richard Jones imposed travel restrictions on the former cryptocurrency exec, preventing Zhao from leaving the United States after prosecutors deemed him a flight risk.

In December, Binance’s legal team filed several documents in federal court that aimed to have the lawsuit by the U.S. Securities and Exchange Commission dismissed.

Though Zhao has already paid $50 million in fines, he faces a maximum of 18 months or a year and a half in federal prison, CNBC said.

Stay on top of crypto news, get daily updates in your inbox.


Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

Website Upgradation is going on for any glitch kindly connect at [email protected]

More like this

Designer Stephy Fung: ‘Taking a Stand’ For Digital Fashion...

Digital fashion designer Stephy Fung has launched her...

Belkin Apple DockKit Auto-Tracking iPhone stand

Belkin has five new products it’s unveiling at...

Uniswap Price Skyrockets After Foundation Proposes Long-Awaited Staking Rewards

Uniswap (UNI) has surged in price following a...

Popular

Upcoming Events

Startup Information that matters. Get in your inbox Daily!