U.S. 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 was charged with money laundering and sanctions violations by the U.S. Department of Justice in November following a years-long investigation. Binance was ordered to pay $4.3 billion in penalties and to ‘completely exit’ the United States.
After the DOJ filed charges against CZ, he stepped down as the CEO of Binance, handing the reins to Richard Teng, who previously served as Binance’s Global Head of Regional Markets.
“Richard is a highly qualified leader, and with over three decades of financial services and regulatory experience, he will navigate the company through its next period of growth,” Zhao tweeted. “He will ensure Binance delivers on our next phase of security, transparency, compliance, and growth.”
Despite being free on a $175 million bond in Seattle, U.S. District Judge Richard Jones imposed travel restrictions on the former cryptocurrency exec, preventing Zhao from leaving the United States after prosecutors deemed him a flight risk.
In December, Binance’s legal team filed several documents in federal court that aimed to have the lawsuit by the U.S. Securities and Exchange Commission dismissed.
Though Zhao has already paid $50 million in fines, he faces a maximum of 18 months or a year and a half in federal prison, CNBC said.