Binance Co-founder Confined to US as Sentencing Approaches
Changpeng CZ Zhao, the co-founder and former CEO of Binance, has been ordered by US District Judge Richard Jones to remain in the United States until his sentencing next year. The ruling was made due to the significance of Zhao’s recent guilty plea.
Reversal of Earlier Decision
Jones acknowledged Zhao’s arguments in favor of returning to the United Arab Emirates (UAE), but highlighted the unique aspects of his case. These include his wealth, lack of an extradition treaty with the UAE, and his family residing there. The judge also emphasized that Zhao poses a flight risk due to his substantial assets and limited connections in the US.
Flight Risk and Sentencing
Jones expressed concerns that Zhao may flee if allowed to travel to the UAE, particularly considering the potential 18-month prison sentence he faces. Despite Zhao’s promises not to flee, the court remained unconvinced and ordered him to stay in the US until his sentencing on February 23, 2024.
Zhao’s Guilty Plea
Last month, Zhao pleaded guilty and stepped down as CEO of Binance after facing criminal and civil charges related to violations of banking laws and sanctions. Judge Jones formally accepted his guilty plea based on a thorough consideration report and recommendation.
Hot Take: Binance Co-founder Restricted from Leaving US as Sentencing Looms
The decision by US District Judge Richard Jones to confine Binance co-founder Changpeng CZ Zhao in the United States highlights the seriousness of his recent guilty plea. With concerns about flight risk due to his wealth and limited connections in the US, Zhao has been barred from returning to the UAE where he resides. As his sentencing approaches, Zhao’s plea and subsequent resignation as CEO of Binance underscore the legal challenges faced by prominent figures in the cryptocurrency industry.
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