Former Binance CEO Changpeng ‘CZ’ Zhao will have to remain in the US ahead of his sentencing in February, at least until further review.
Judge Richard Jones of the U.S. District Court for the Western District of Washington in Seattle ordered Zhao’s condition allowing him to return to his home in the United Arab Emirates before sentencing “remain in place until this court resolves the government’s motion.” For review,” according to documents filed in court Monday.
Prosecutors warned that Zhao posed a flight risk, citing his wealth and the fact that the UAE does not have an extradition treaty with the United States.
guilty plea
Zhao plead guilty He was charged Tuesday in a Seattle court with violating the Bank Secrecy Act and causing a financial institution to violate the Bank Secrecy Act. He also agreed to pay a $50 million fine.
Last week, the U.S. Department of Justice stable This is a case involving Binance, the world’s largest cryptocurrency exchange, which was investigated for allegations of money laundering, fraud, and sanctions violations. The cryptocurrency exchange will pay a $4.3 billion fine, one of the largest corporate settlements in U.S. history.
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About the author
Sarah is a reporter for The Block covering policy, regulation and legal events. Sarah was previously a reporter writing about securities regulation at CQ Legal, where she first began her reporting on cryptocurrencies. She Sarah has also written for The Bond Buyer and American Banker, among other financial publications. She graduated from the University of Missouri with a degree in Print and Digital Journalism. Sarah lives in Washington, DC and she is an avid coffee lover. You can follow her on Twitter @ForTheWynn.