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Binance founder and former CEO Changpeng Zhao (CZ) cannot return to the United Arab Emirates before his sentencing, a federal judge ruled Thursday night.
Zhao, who pleaded guilty to one count of violating the Bank Secrecy Act last month, is scheduled to be sentenced in February 2024. He was released on $175 million bail. personal identification, and put cash in escrow and give people to verify about $5. million worth of assets as collateral. Although Zhao’s bond initially allowed him to return to the UAE, where he, his children and his partner all live, the prosecutor argued that he was a danger and should not be released. allowed to leave the US.
District Judge Richard Jones, of the Western District of Washington, agreed with the Ministry of Justice.
“The defendant has presented evidence that, in many cases, the government’s request will not be accepted,” the judge wrote. “However, an important aspect of the government’s request is the great wealth of the accused and the absence of an extradition treaty with the UAE. In addition, the family the accused lives in the UAE and there is no information that he has any ties to the country. America, although the accused said that he will ask for a lighter sentence, but the government has indicated that he may asking for 18 months to keep him in prison, and therefore, it is not a severe punishment that the accused is facing”.
Zhao could face up to 18 months, although he could serve 10, the judge said.
Zhao resigned from Binance last month after the global crypto exchange was found guilty of violating money laundering and whistleblowing laws. Binance agreed to pay a $4.3 billion fine as part of its own plea.