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CZ to Be Sentenced in Early April

Binance founder Changpeng "CZ" Zhao's sentencing for failing to maintain an effective anti-money laundering program has been postponed to Apr. 30

CZ to Be Sentenced in Early April

Cover image via www.youtube.com

Changpeng Zhao, better known as "CZ," the founder of Binance, the world's largest cryptocurrency exchange, is set to be sentenced on Apr. 30. 

This comes after a Seattle federal court notice indicated a postponement from the initially scheduled date. 

CZ is currently on conditional release in the United States after conceding to allegations of not upholding a rigorous anti-money laundering mechanism within Binance.

Sentencing delays spark speculation

The decision to delay CZ's sentencing has sparked a flurry of speculation and discussion within the cryptocurrency community. 

Initially set for Feb. 23, the sentencing has been pushed back to the end of April, with no clear explanation provided for the two-month postponement.

 

his move has left many wondering about the potential reasons behind the delay and its implications for CZ and Binance. 

Federal sentencing guidelines suggest a maximum sentence of 18 months in prison for Zhao, but there are reports that prosecutors may seek a harsher sentence. 

Travel requests 

CZ's ongoing legal predicament is further complicated by consistent rejections from the US court concerning CZ's petitions to visit the UAE, where his offspring reside.

Despite offering to post his equity in Binance as security, Zhao's requests have been denied. 

This shows the gravity of the charges against him and the broader crackdown on regulatory compliance within the cryptocurrency sector.

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

Source: u.today

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