Federal Judge Accepts Binance Founder’s Guilty Plea to Money Laundering
A federal judge has accepted Binance founder Changpeng “CZ” Zhao’s guilty plea to money laundering but hasn’t decided if he can leave the United States before his February sentencing date.
Judge Richard Jones, in a filing to a Seattle District Court, confirmed that he accepted Zhao’s guilty plea to one count of Bank Secrecy Act violations. This plea was submitted alongside Binance’s $4.3 billion settlement with United States agencies. As part of the settlement, Zhao stepped down as CEO of Binance and paid $150 million to regulators.
Zhao is scheduled to be sentenced on Feb. 23 next year and could face up to 18 months in prison. However, federal prosecutors have objected to allowing him to leave the U.S., citing concerns about his potential extradition evasion due to his wealth and the absence of an extradition treaty between the United Arab Emirates (UAE) and the U.S.
Hot Take: Binance Founder Faces Sentencing for Money Laundering
Binance founder Changpeng “CZ” Zhao has pleaded guilty to money laundering charges in a U.S. court. While a federal judge has accepted his guilty plea, it remains uncertain whether Zhao will be allowed to leave the United States before his sentencing date in February. The judge’s decision will determine whether Zhao can return to the UAE where he resides.
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