Late Monday, CNBC reported that U.S. prosecutors postponed the sentencing of Binance cryptocurrency exchange founder Changpeng “CZ” Zhao until April 30.
In November, after a lengthy investigation, the U.S. Justice Department charged Zhao, the former head of the largest cryptocurrency exchange, with money laundering and sanctions violations. Binance was ordered to pay a $4.3 billion fine and “leave” the US completely.
After CZ was indicted by the Justice Department, he left his position as CEO of Binance. He was replaced by Richard Teng, who previously served as Binance’s Global Head of Regional Markets.
Zhao reported on Twitter: “Richard is a highly qualified leader who, with more than 30 years of experience in financial services and regulatory affairs, will lead the company through another period of growth.” He will ensure that Binance goes through its next phase of security, transparency, compliance and growth.
Despite his release on $175 million bail in Seattle, a U.S. district judge imposed travel restrictions 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 aimed at dismissing the US Securities and Exchange Commission‘s lawsuit. Although Zhao has already paid a $50 million fine , he faces a maximum of 18 months or a year and a half in federal prison, CNBC reports.