Search for:
  • Home/
  • News/
  • Changpeng Zhao cannot leave US while court review continues

Changpeng Zhao cannot leave US while court review continues

Changpeng awaiting sentencing “CZ” Zhao, who pleaded guilty as part of an agreement with the US Department of Justice, may not be allowed to leave the country.

According to a document filed Nov. 27 in the U.S. District Court for the Western District of Washington in Seattle, Judge Richard Jones suspended The magistrate’s decision to allow CZ to return to the United Arab Emirates, where his family is located. The judge ruled that CZ could not travel to the United Arab Emirates until the court ruled on the US government’s review request.

Source: CourtListener

Related: Binance CEO Announces Trade Plan Following CZ’s Resignation

On November 21, Zhao pleaded guilty He said Binance failed to maintain an effective anti-money laundering program during his tenure as CEO and violated the US Bank Secrecy Act. After posting $175 million bail, he is free to travel in the United States until his sentencing, which is scheduled for February 2024. Under the Federal Sentencing Guidelines, CZ faces up to 18 months in prison.

CZ resigned as Binance CEO on November 21 as part of a settlement with the US Department of Justice, pleading guilty to a felony charge and agreeing to pay $150 million to regulators. The deal allowed the crypto exchange to avoid further expenses In exchange for a $4.3 billion fine.

Leave A Comment

All fields marked with an asterisk (*) are required