The trial of the former CEO of the Binance cryptocurrency exchange Changpeng Zhao was postponed until April 30, 2024.
CNBC reports this with reference to a federal court notice.
The trial in the CZ case was supposed to take place on February 23, but it was postponed to April for unknown reasons. Zhao's lawyers declined to comment on the information.
Let us recall that in November 2023, CZ was found guilty of money laundering and violating the Bank Secrecy Act. At the same time, Binance agreed to pay fines totaling $4.3 billion as part of its guilty plea to conspiracy to conduct an unlicensed funds transfer business.
Changpeng Zhao faces up to 18 months in prison. According to former US Securities and Exchange Commission (SEC) employee John Reed Stark, the Department of Justice will insist on more severe punishment. To do this, the department will have to provide significant evidence of his guilt:
At the time of writing, the entrepreneur is free - he was released on bail of $175 million. A United States court banned Changpeng Zhao from leaving the country until the hearing. The government believes that the former head of Binance could escape if he is allowed to return to the UAE.
It was later reported that Zhao tried to leave the country using Binance.US shares as collateral, but a federal judge denied his request to travel.
According to Bloomberg, the fortune of the ex-CEO of Binance is estimated at more than $37 billion. Since January 2023, this figure has grown by $25 billion.
