#BinanceSqaure #Square #Write2Earn $Former Binance CEO Changpeng Zhao's Sentencing Date Rescheduled

Former Binance CEO Changpeng Zhao will have to wait until the end of April to learn the sentence he will face for the charge of money laundering.

On February 12 (US time), the Western District Court of Washington (Seattle) announced the postponement of the sentencing date for former Binance CEO Changpeng Zhao (CZ) from February 23 to April 30 without providing a reason.

Previously, according to a settlement agreement between Binance and the US Department of Justice in November 2023, the exchange agreed to pay a record fine of $4.3 billion to settle investigations and CEO Changpeng Zhao was required to resign and not hold management positions at the exchange for the next 3 years.

Mr. Zhao appeared in court in Seattle and pleaded guilty to negligence in anti-money laundering efforts at Binance, facing a sentence of up to 18 months in prison. The former CEO is currently on bail in the US with bail set at up to $175 million

However, the court has twice rejected CZ's request to return to the UAE due to concerns about him fleeing, as the US does not have an extradition treaty with the UAE and no way to seize his assets abroad.

Mr. Zhao even used all of his shares in Binance.US as collateral to ensure his return to the US, with a declared value of $4.5 billion, but his request for family reunification was still denied by the court. However, many analysts point out that the value of these shares is based on Binance.US's 2022 fundraising round, before the exchange became embroiled in legal battles with the US and has since declined significantly.