The founder and former head of crypto exchange Binance, Changpeng Zhao, will not be able to leave the US for the UAE until a Seattle court considers whether he should remain in the United States until his sentencing or whether he should be allowed to return to the United Arab Emirates. writes Forbes. This decision was made by the court on November 27. A week earlier, Zhao pleaded guilty to violating US anti-money laundering laws.
A court in Seattle ordered the founder and ex-CEO of the largest cryptocurrency exchange Binance, Changpeng Zhao, to remain in the United States until the court considers the issue of his whereabouts before sentencing. This solution accepted by Judge Richard Jones, transmits CNBC. Previously, authorities said that Zhao could hide in the UAE from justice – the United States does not have an extradition treaty with this country.
The founder of the world’s largest cryptocurrency exchange pleaded guilty a week ago to violating US anti-money laundering laws and resigned as its CEO. Earlier, another judge ruled that Zhao could return to the UAE (he is a citizen of the UAE and Canada) before his sentencing, scheduled for February 23. The US government said it would not be able to secure Zhao’s return to the US because he does not have an extradition treaty with the UAE and filed an appeal.
Zhao posted bail of $175 million. Zhao’s lawyers challenged their client’s flight risk in court. They noted that he posted “substantial” bail and voluntarily came to the United States to accept responsibility for his actions. transmits Reuters. Binance Holdings previously agreed to pay more than $4.3 billion and pleaded guilty to violating US anti-money laundering and sanctions laws. The crypto exchange said it was working hard to make the company “more secure.” Zhao himself said: “I have made mistakes and I must take responsibility.”
Zhao faces a maximum prison sentence of 18 months. Prosecutors will decide how much prison time to impose on Zhao closer to sentencing, a U.S. Justice Department official said last week. The Justice Department previously said Zhao and other individuals were charged with failing to implement an effective anti-money laundering program and willfully violating U.S. economic sanctions by “deliberately and calculatedly attempting to profit from the U.S. market without exercising the controls required by law.” (quote via CNBC).
Source: Cryptocurrency
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