untitled design

Changpeng Zhao received a court ban on leaving the United States

The founder of the Binance exchange, Changpeng Zhao, will not be able to return to Dubai until he is sentenced in the United States for committing a criminal offense, RBC Crypto reports with reference to Reuters.

District Judge Richard Jones rejected Zhao’s request to return to the UAE after the Binance founder pleaded guilty in November. The former head of the world’s largest cryptocurrency exchange and his company admitted to failing to comply with anti-money laundering policies and violating U.S. sanctions as part of a settlement with prosecutors that allowed the exchange to continue operating.

Zhao, who resigned as head of Binance as part of a plea deal, theoretically faces up to 10 years in prison, but is expected to receive no more than 18 months. He also agreed to pay a fine of $50 million.

“While the bail amount is significant, if not unprecedented, it consists primarily of assets beyond the reach of the government,” Jones wrote in a court filing.

His ruling overturned a previous decision by a magistrate who had allowed Zhao to return to the UAE on bail of $175 million.

U.S. Justice Department prosecutors believe there is a “substantial risk” that Zhao will not return to the United States. They cite his “significant assets,” close ties to the UAE and the fact that the country does not have an extradition treaty with the United States.

Source: Cryptocurrency

You may also like

Get the latest

Stay Informed: Get the Latest Updates and Insights


Most popular