Zhao’s Request to Return to UAE Denied
A request by the founder of cryptocurrency exchange Binance, Changpeng Zhao (CZ), to return to the United Arab Emirates (UAE) before his sentencing has been denied by U.S. District Judge Richard Jones. Zhao had pleaded guilty to violating the Bank Secrecy Act and causing a financial institution to violate it. He also agreed to pay a $50 million fine.
Flight Risk Concerns
Prosecutors had argued that Zhao’s immense wealth and the absence of an extradition treaty between the UAE and the U.S. made him a flight risk. The court ruling on November 27 had allowed Zhao to remain free pending further review.
Potential Prison Time
Despite his guilty plea, Zhao could still face up to 10 years in prison for his actions.
About the Author
Ryan Weeks is a deals editor at The Block, specializing in fundraising, M&A, and institutional trends in the crypto industry. With a passion for investigative work, Ryan welcomes tips from readers. He has previously worked as a fintech correspondent in London for Financial News, Dow Jones, and has written for various publications including Sifted, AltFi, and Wired. Besides journalism, Ryan enjoys staying active through activities like running, rugby, climbing, and tennis.
Hot Take: Zhao Denied Return to UAE Prior to Sentencing
The request by Binance founder Changpeng Zhao (CZ) to return to the UAE before his sentencing has been rejected by U.S. District Judge Richard Jones. This decision comes after Zhao pleaded guilty to violating the Bank Secrecy Act and causing a financial institution to violate it. Prosecutors had expressed concerns about Zhao being a flight risk due to his wealth and the lack of an extradition treaty between the UAE and the U.S. Despite his guilty plea, Zhao could still face a maximum of 10 years in prison.
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