It appears that Changpeng Zhao, the former CEO of Binance will have to wait a little longer for sentencing.
According to recent reports, the sentencing date, initially slated for 23 February has been shifted until later in the year, on April 30, according to a recent report from CNBC.
The reason for the delay hasn't been publicized yet, and Zhao's lawyer, William Burke, has kept mum on the ongoing matter.
It appears that Zhao, also known as CZ, may be spending a maximum of 18 months in a US prison, under allegations that he used Binance to help launder money.
The New York Times even reports that prosecutors are pushing to have Zhao spend far longer in prison.
The former Binance CEO has been stuck In the US since August 2023, where he was granted parole on a $175 million bond. Zhao also had to step down from his position as CEO of Binance, as well as Chairman of the Board of Directors of Binance US in November 2023, amid growing pressure from US regulatory agencies.
He was charged with operating an illegal scheme via Binance, that allowed criminals to launder crypto valued at billions of dollars. In addition, he was accused of breaking the International Emergency Economic Powers Act, which forbids doing business with organizations that are sanctioned.
In November, Zhao entered a guilty plea to these counts and agreed to work with the prosecution in exchange for a lighter sentence. In addition, he agreed to turn over over $2.5 billion in personal assets to the US government.
In addition to pleading guilty, Binance as a company, also agreed to compensate the victims of its illegal operations with compensation of $4.3 billion.
Zhao has been forbidden from returning to the UAE, where he has been living since 2018, despite his cooperation and guilty plea.
In December, a US judge turned down his request, stating that there was a "substantial risk" he would not return to serve out his sentence. Zhao, according to the prosecution, has "significant assets" in the United Arab Emirates and strong connections to the country's leaders. It would also be difficult to bring him back if he fled because the UAE and the US do not have an extradition treaty.
Burke, Zhao's attorney, disputed these allegations, stating that Zhao has complied with all of his bail requirements and has no intention of avoiding punishment. He said that Zhao must return to the UAE to take care of his family and business matters because he has a valid visa to remain there.
In general, several analysts think that the situation has permanently tarnished Binance's reputation and that the exchange will likely face more difficulties and competition in the future.
The total crypto market cap has increased by around 5% over the last day, and several top cryptocurrencies are up by as much as 8% within the last 24 hours.
BNB on the other hand, is nursing less than a 3% price increase and appears to have an affinity of some sort, to the $320 zone.
In the charts though, it appears that BNB might be on the verge of something huge.
BNB is currently attempting to break above the $337 resistance again, after the last rejection from this level on 28 December, last year.
The cryptocurrency found support somewhere around $285 and is now trying to reattempt this breakout.
If we do see a break above the $337 – $340 zone, we are likely to see a $400 Bitcoin pretty quickly, as BNB joins in the bullishness of the rest of the market.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.