Binance’s former CEO Zhao Changpeng (CZ) is waiting for his sentencing hearing in the United States, but there has been a sudden announcement that the sentencing has been postponed to April 30th.
Summary:
CZ is back! After being hidden for 60 days, he speaks up with a “Happy New Year” message and is scheduled for a sentencing hearing at the end of February.
Background:
Using the Chinese zodiac signs to analyze the wealth fortune of Web3! CZ, Sun Yuchen, and the Ethereum horoscopes. Do you have good luck?
Zhao Changpeng signed a plea agreement in December last year, ending the endless pursuit by the U.S. Department of Justice in the legal battle. As the co-founder and former CEO of Binance, he stepped down from his position and took a break, waiting quietly for the scheduled sentencing hearing at the end of this month. However, according to the latest U.S. court documents, the date of this hearing has been delayed for a full two months.
Reason for the postponement of the sentencing hearing is unknown.
According to CNBC, the Seattle Federal Court issued a notice in the United States on the 12th, stating that CZ’s scheduled sentencing hearing on February 23rd has been postponed to April 30th. The reason for the postponement of this trial has not been made public.
Previously, Binance paid a “hefty settlement” of $4.3 billion, and CZ himself, as a recipient of the settlement punishment, agreed to pay a fine of $50 million, awaiting the sentencing hearing to determine the length of his sentence. With charges of money laundering and violation of banking secrecy laws, he could face a maximum of 10 years in prison, but many U.S. legal experts have pointed out that CZ is expected to serve a sentence of no more than 1.5 years. Currently, he is staying in the United States after posting a bail of $175 million.
Unable to return home to visit family, CZ remains in the United States awaiting judgment.
Although he is a Canadian citizen, CZ and his family have been living in the United Arab Emirates for a long time. He was requested to stay in the United States while awaiting judgment and is longing to return home. He previously applied to the judge on December 22nd last year, hoping to return to the UAE for a period of time (1-4 weeks) in order to undergo “medical surgery,” recover in the hospital, and reunite with his family.
In order to demonstrate his credibility, CZ also proposed to mortgage his “all equity” in Binance to the Department of Justice as collateral, which could be worth up to $4.5 billion. However, Judge Richard Jones of the Seattle District Court has reached an agreement with the prosecutor and denied CZ’s request for bail, believing that he should stay in the United States until February 23, 2024, as leaving the United States would pose a risk of flight.
Read more:
Is CZ’s health in danger? His application to return to the UAE for surgery is denied, and using $4.5 billion worth of Binance stock as collateral to return to the U.S. is futile.
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