A recent filing in a Seattle federal court has announced the postponement of Binance co-founder Changpeng Zhao's sentencing from February 23 to April 30. The filing, dated February 12, did not provide a reason for the delay.
Zhao, a Canadian national residing in the United Arab Emirates (UAE), has been in the U.S. on a $175 million release bond since his guilty plea in November for failing to maintain adequate anti-money laundering (AML) controls at Binance, as reported by CNBC. In addition to pleading guilty, Zhao stepped down from his role as Binance CEO and paid a $50 million fine. Binance also paid $4.3 billion in fines as part of a settlement with the U.S. government. In December, U.S. District Judge Richard Jones rejected Zhao's request to visit the UAE for personal reasons. If convicted, Zhao could face an 18-month prison sentence or longer.
In reaction to the news of the sentencing delay, an unidentified cryptocurrency influencer posted on social media platform X that Zhao "does NOT deserve" jail time. The influencer told his 109,000 followers that despite paying "$4b in fines", authorities are still refusing to let Zhao leave the U.S.
When Zhao and Binance reached their settlement with the U.S. government in November, Zhao announced on platform X that he was stepping down as CEO. He described his resignation as the "right thing to do" for both the company and the larger cryptocurrency community. "I made mistakes, and I must take responsibility," said Zhao in his post. He stressed that during the settlement process, Binance was not accused by the U.S government of misusing customer funds or engaging in market manipulation. He also announced that Richard Teng, previously serving as Global Head of Regional Markets at Binance, would succeed him as CEO. "He will ensure Binance delivers on our next phase of security, transparency, compliance, and growth," Zhao said of Teng.
Prior to joining Binance in August 2021, Teng held several high-profile positions in the financial sector. He served as CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM), chief regulatory officer of the Singapore Exchange (SGX), and director of corporate finance at the Monetary Authority of Singapore, according to Binance’s website.
Binance was launched in 2017, according to CoinMarketCap. As of August 2022, Binance had a daily trading volume of approximately $76 billion, making it the largest cryptocurrency exchange globally. The platform lists more than 350 tokens and provides users with the ability to buy, sell, and store digital assets.
