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Binance founder Changpeng “CZ” Zhao has been mandated to remain in the United States until his sentencing in February, as concerns over the risk of flight to the United Arab Emirates prompted a federal judge’s decision. 
On December 7, Seattle district court Judge Richard Jones issued an order for Zhao to stay in the U.S. until his sentencing, scheduled for February 23, 2024. 
This decision stems from Zhao’s guilty plea on November 21, in which he admitted to money laundering, carrying a potential prison term of up to 18 months. 
Importantly, he agreed not to appeal any sentence up to this maximum duration. 
Judge Jones justified this ruling by emphasizing Zhao’s substantial wealth and property overseas and his lack of significant ties to the United States. 
The judge concurred with the arguments put forth by federal prosecutors, who contended that they would be unable to guarantee Zhao’s return to the U.S. in the event he chose not to come back voluntarily. 
Furthermore, Judge Jones pointed out that Zhao’s family resides in the UAE, where he seems to enjoy preferential status. 
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Under these circumstances, the court found insufficient clear and convincing evidence that Zhao would not attempt to flee if allowed to return to the UAE. 
Consequently, the court granted the government’s motion, requiring Zhao to remain within the continental United States between his plea and sentencing. 
In a related development, on December 6, Judge Jones accepted Zhao’s guilty plea, which had been submitted nearly two weeks earlier, but did not immediately decide on a federal prosecutor’s request to prevent him from returning to his residence in Dubai. 
Zhao is currently on a $175 million bond, primarily consisting of assets beyond the government’s reach, as per Judge Jones. 
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The bond conditions permit Zhao to travel freely within the U.S. and allow visits from his family, which the judge characterized as minor restrictions on his freedom. 
The legal troubles for Binance and Zhao began in November when they reached a settlement with U.S. regulators, agreeing to pay $4.3 billion. 
The settlement involved admitting to running an unlicensed money-transmitting business and violating the Bank Secrecy Act, and it also led to Zhao stepping down from his role as CEO of Binance. 
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Binance Founder CZ Zhao Ordered to Stay in U.S. Until Sentencing in Money Laundering Case

Crypto Intelligence

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