CZ is awaiting sentencing after being found guilty in a U.S. court.
Key Takeaways
- Binance founder Changpeng “CZ” Zhao pleaded guilty to money laundering as part of a $4.3 billion settlement with U.S. agencies.
- Zhao could face up to 18 months in prison and has a sentencing date of February 2024. He is currently free on $175 million bond.
- U.S. prosecutors objected to Zhao’s request to return to the UAE, citing concerns about the risk of flying.
Changpeng “CZ” ZhaoFounder of the famous digital currency exchange Binance. Pleaded guilty to money laundering charges.. A federal judge recently This plea was accepted..
The cases heard in Seattle District Court are as follows: Zhao’s violation of the Bank Secrecy Actthe fee he charged Pleaded guilty on November 21..
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This guilty plea Part of $4.3 billion settlement Binance and US institutions participate.
In the agreement Zhao and its far-reaching implications for Binance. Notably, it led to Zhao stepping down as CEO of the company and imposing a $150 million fine from regulators.
Presiding over the case, Judge Richard Jones formally acknowledged Zhao’s guilty plea.
This Court has considered the report and recommendations of the United States Magistrate Judge and, without timely objection, <...> We accept the defendant’s guilty plea. The defendant is found guilty of those crimes.
Zhao’s sentencing date is February 23, 2024.and he faced Can face up to 18 months in prison. Currently he With $175 million in bonds.
This bond allowed him to return to the United Arab Emirates, where he resides. US prosecutors express concerns. They say that if Zhao is allowed to leave the United States They may not be able to return due to the UAE’s lack of an extradition treaty. With America and Zhao’s considerable wealth.
Prosecutors highlighted Zhao’s personal ties to the UAE, saying:
He has three young children and a partner in the UAE. He went to the UAE once and faced with the possibility of returning to the US to face up to 18 months in prison, he may decide to stay in the UAE with his family instead.
In answer, Zhao objected to travel restrictions, he insists there is no flight risk. He emphasized his responsibility, emphasizing his voluntary return from the UAE to the United States.
However, on November 27, Judge Jones The ruling does not allow Zhao to return to the country. It must be filed in the UAE until the court decides on the U.S. government’s motion for reconsideration.
This case is a stark reminder of the regulatory scrutiny facing the cryptocurrency industry and the significant consequences for those operating major digital currency platforms. As the story unfolds, the cryptocurrency community is eagerly awaiting the final ruling in February 2024.
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