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A federal judge has officially accepted the guilty plea of Binance founder Changpeng “CZ” Zhao for money laundering, though the issue of whether he can depart from the United States prior to his sentencing in February remains unresolved. 
On December 6, in a filing to the Seattle District Court, Judge Richard Jones confirmed his acceptance of Zhao’s guilty plea to one count of Bank Secrecy Act violations. 
This plea had been submitted by the Binance founder on November 21, concurrent with his exchange’s massive $4.3 billion settlement with U.S. regulatory authorities. 
As part of this settlement, Zhao stepped down from his role as CEO of Binance and agreed to pay a substantial $150 million fine to regulators. 
In the court document, Judge Jones acknowledged, “This Court, having considered the Report and Recommendation of the United States Magistrate Judge, to which there has been no timely objection […] accepts the plea of guilty of the defendant. 
The defendant is adjudged guilty of such offense.” 
Zhao is scheduled to be sentenced on February 23, 2024, and faces a potential prison term of up to 18 months. 
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Presently, he is out on a $175 million bond, which would have allowed him to return to his residence in the United Arab Emirates. 
However, federal prosecutors have raised objections against allowing Zhao to leave the U.S., expressing concerns that they would be unable to ensure his return. 
The UAE lacks an extradition treaty with the United States, and Zhao, with his substantial wealth, could potentially remain in the UAE indefinitely. 
Prosecutors argued, “He has three young children and a partner in the UAE; once in the UAE and faced with the prospect of traveling back to the United States to face up to 18 months in prison, he may elect to instead simply stay in the UAE with his family.” 
Zhao has vehemently opposed the travel restrictions, asserting that he presents no risk of fleeing justice. 
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He pointed out that he had already demonstrated his willingness to take responsibility for his actions by voluntarily traveling from the UAE to the United States. 
On November 27, Judge Jones issued an order preventing Zhao from traveling to the UAE until a court ruling on the U.S. government’s motion for review is made. 
The final decision on whether Zhao can leave the United States before his sentencing remains uncertain. 
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Binance Founder CZ’s Guilty Plea for Money Laundering Sparks Debate Over Travel Rights

Crypto Intelligence

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