Binance founder Changpeng ‘CZ’ Zhao stuck in US until sentencing

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By journalsofus.com


Binance founder and former CEO Changpeng Zhao (CZ) cannot return to the United Arab Emirates ahead of his sentencing, a federal judge ruled Thursday night.

Zhao, who pleaded guilty last month to one charge of violating the Bank Secrecy Act, is scheduled to be indicted in February 2024. He was released on a $175 million personal recognizance bond, with some cash placed in escrow and about $5 given to the guarantors. Property worth crores as collateral. While Zhao’s bond originally allowed her to return to the United Arab Emirates, where she, her children and her partner all live, prosecutors argued that she was a flight risk and should not be allowed to leave the United States. Needed

District Judge Richard Jones of the Western District of Washington agreed with the Justice Department.

“Defendant has provided a clear justification that in most cases the government’s motion would be rejected,” the judge wrote. “However, a significant feature of the Government’s proposal is the extent of the defendant’s vast assets and the absence of an extradition treaty with the United Arab Emirates. Furthermore, the defendant’s family resides in the UAE and there is no indication that his Any other connection to this. United States. While the defendant has indicated that he will seek a lesser sentence, the government has indicated that it may seek up to 18 months of imprisonment. As a result, the defendant received a nonsignificant sentence. “Can’t face it.”

The judge said Zhao could potentially be sentenced to up to 18 months in prison, although he could serve up to 10 months of the sentence.

Zhao resigned from Binance last month after the global crypto exchange was found guilty of violating anti-money laundering and money transmitter rules. Binance agreed to pay a $4.3 billion fine as part of its own plea deal.

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