A federal judge in Seattle has ruled that former Binance CEO Chanpeng Zhao cannot return to the United Arab Emirates before he is sentenced in the United States in February.
The same ruling was announced on November 27 and is pending further review. Prosecutors warned Zhao that he was a flight risk because of his wealth and the fact that the UAE has not signed an extradition treaty with the United States.
According to a Bloomberg report today, U.S. District Judge Richard Jones on Thursday rejected the idea that Zhao would return to the UAE before sentencing. Last November, Zhao pleaded guilty in a Seattle court to charges of 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.
In theory, Zhao could face up to 10 years in prison.
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About the author
Ryan Weeks is The Block’s trading editor, focusing, among other things, on fundraising, M&A, and institutional trends in the cryptocurrency space. He’s particularly interested in investigative work, so please send him tips! Ryan previously worked as London fintech correspondent for Financial News and Dow Jones. Prior to that, he wrote for several publications, including Sifted, AltFi, and Wired. In addition to journalism, Ryan is a keen reader and writer. He enjoys anything active. He especially enjoys running, rugby, hiking and tennis.