Judge says CZ can't return to UAE ahead of sentencing, for now
Quick Take
- Prosecutors had warned that Zhao presented a flight risk, citing his wealth and noting that the UAE has no extradition treaty with the U.S.
Former Binance CEO Changpeng 'CZ' Zhao will have to stay in the U.S. ahead of his sentencing in February, at least until a further review is conducted.
Judge Richard Jones of the U.S. District Court for the Western District of Washington in Seattle ordered that a condition that would have allowed Zhao to return to his home in United Arab Emirates before his sentencing be "stayed until such time as this Court resolves the Government’s motion for review," according to a court filing on Monday.
Prosecutors had warned that Zhao presented a flight risk, citing his wealth and noting that the UAE has no extradition treaty with the U.S.
Guilty plea
Zhao pleaded guilty in a Seattle court on Tuesday to violating, and causing a financial institution to violate, the Bank Secrecy Act. He also agreed to pay a $50 million fine.
Last week, the U.S. Department of Justice settled a connected case with the world's largest crypto exchange, Binance, which probed into alleged money laundering, fraud and sanctions violations. The crypto exchange will pay a $4.3 billion fine, marking one of the largest corporate settlements in U.S. history.
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