US prosecutors have postponed the sentencing of Changpeng “CZ” Zhao, the founder of the Binance cryptocurrency exchange, to April 30, CNBC reported late Monday.
The former head of the largest cryptocurrency exchange by volume, Zhao is charged with money laundering and sanctions violations by the US Department of Justice in November after a year-long investigation. Binance was instructed to pay $4.3 billion of sanctions and the ‘total exit’ of the United States.
After the DOJ filed a case against CZ, he stepped down as CEO of Binance, giving the reins to Richard Tengwho previously served as Global Head of Regional Markets at Binance.
“Richard is a highly qualified leader, and with more than three decades of financial services and regulatory experience, he will navigate the company through its next phase of growth,” Zhao Tweet. “He will ensure that Binance delivers our next phase of security, transparency, compliance, and growth.”
Despite being free on a $175 million bond in Seattle, US District Judge Richard Jones imposed a travel ban restrictions of the former cryptocurrency exec, preventing Zhao from leaving the United States after prosecutors considered him a flight risk.
Last December, Binance’s legal team filed several documents in federal court aimed at dismissing the US Securities and Exchange Commission’s lawsuit.
Although Zhao has already paid a $50 million fine, he faces the maximum 18 months or one and a half years in federal prison, CNBC said.