The verdict hearing in the money laundering case involving the former CEO of Binance, Changpeng Zhao, has been postponed until next April. This postponement was confirmed through an official notice from the court.
Previously, Zhao was scheduled to receive his sentence on February 23 after he pleaded guilty to the charges late last year.
Zhao, who is a citizen of Canada and the United Arab Emirates, had previously pledged his equity in Binance.US worth more than $4 billion as part of the negotiation process.
The court, however, rejected his request because the US does not have an extradition treaty with the United Arab Emirates.
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The delay marks the latest development in a case that has attracted global attention and raised questions about the future of Binance, one of the world's largest crypto exchanges.
Changpeng Zhao (CZ) is a Chinese-Canadian entrepreneur known as the founder and former CEO of Binance, the world's largest crypto asset exchange.
Born in Jiangsu, China in 1977, Zhao has a background in computer science and worked at various technology companies before entering the world of crypto.
Career Journey
2001: Started career as a software developer at the Tokyo Stock Exchange
2005: Founded Fusion Systems, an algorithmic trading company
2013: Joined Blockchain.info as head of development
2014: Served as CTO at OKCoin, a cryptocurrency exchange
2017: Founded Binance
Binance Success
Under Zhao's leadership, Binance grew rapidly and became a leading crypto market exchange in a short time.
Zhao stepped down as CEO of Binance in 2022, but he remains the company's majority shareholder and chairman.
The future of Binance and Zhao is still full of questions, especially regarding regulations and legal compliance.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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