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BlockNews
Home BREAKING NEWS

Ex-Binance CEO CZ Barred from Leaving U.S. Until Sentencing

BlockNews.com Team by BlockNews.com Team
November 27, 2023
in BREAKING NEWS, BUSINESS, CRYPTO
Reading Time: 3 mins read
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  • Former Binance CEO Changpeng Zhao pleaded guilty last week to violating the Bank Secrecy Act and agreed to pay a $50 million fine.
  • In a related case, the Department of Justice settled with crypto exchange Binance for $4.3 billion over alleged money laundering, fraud and sanctions violations.
  • A judge ruled that Zhao must remain in the U.S. until his February sentencing, rather than return to the UAE, due to prosecutors’ concerns that he presents a flight risk.

Former Binance CEO Changpeng Zhao will have to stay in the U.S. ahead of his sentencing in February, at least until a further review is conducted. This comes after prosecutors warned that Zhao presented a flight risk, citing his wealth and noting that the UAE has no extradition treaty with the U.S.

🚨 NEWS: 🇺🇸 Judge has yet to rule whether @cz_binance can leave the U.S. prior to his sentencing.

However, he must remain in the U.S. until further notice. pic.twitter.com/q0rJCSMp7W

— BlockNews.com (@blocknewsdotcom) November 27, 2023

Zhao’s Guilty Plea

Last week, Zhao pleaded guilty in a Seattle court to violating and causing a financial institution to violate the Bank Secrecy Act. He also agreed to pay a $50 million fine.

The DOJ’s Settlement with Binance

In a connected case, the U.S. Department of Justice settled with the world’s largest crypto exchange Binance, which probed into alleged money laundering, fraud and sanctions violations. The crypto exchange will pay a $4.3 billion fine, marking one of the largest corporate settlements in U.S. history.

Judge’s Ruling

Judge Richard Jones of the U.S. District Court for the Western District of Washington in Seattle ordered that a condition that would have allowed Zhao to return to his home in the United Arab Emirates before his sentencing be stayed until such time as this Court resolves the Government’s motion for review, according to a court filing on Monday.

Conclusion

The judge’s ruling means Zhao will have to remain in the U.S. until at least his sentencing hearing in February, as prosecutors conduct a further review given their concerns about him presenting a flight risk. This follows Zhao’s guilty plea last week related to Bank Secrecy Act violations.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
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BlockNews.com Team

BlockNews.com Team

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