{"id":9047,"date":"2023-12-08T02:05:47","date_gmt":"2023-12-08T02:05:47","guid":{"rendered":"https:\/\/topat10.com\/?p=9047"},"modified":"2023-12-08T02:05:47","modified_gmt":"2023-12-08T02:05:47","slug":"binance-founder-changpeng-zhao-must-stay-in-the-u-s-for-sentencing-judge-rules","status":"publish","type":"post","link":"https:\/\/topat10.com\/?p=9047","title":{"rendered":"Binance founder Changpeng Zhao must stay in the U.S. for sentencing, judge rules"},"content":{"rendered":"\n
\n

A federal judge in Seattle ruled on Thursday that the founder and former CEO of Binance, who\u2019s awaiting sentencing after pleading guilty to money laundering charges, must remain in the country.<\/p>\n

\n

The order<\/a> came after the Justice Department appealed a magistrate judge\u2019s earlier ruling that Changpeng Zhao\u2014known as \u201cCZ\u201d in the crypto world\u2014could return to the United Arab Emirates pending his sentencing hearing scheduled for February.<\/p>\n

In his ruling, U.S. District Judge Richard Jones wrote that it was unusual to overturn a magistrate judge\u2019s pre-sentencing ruling, but that he had been persuaded by the Justice Department\u2019s argument Zhao was a flight risk. Jones noted that the $175 million bond posted by Zhao was \u201csubstantial if not unprecedented\u201d but that the Binance founder\u2019s immense wealth meant he might be willing to forfeit the bond in return for his freedom.<\/p>\n

\u201cThe government\u2019s fear is supported by its belief that the vast majority of the defendant\u2019s wealth is held overseas and the belief that he has access to hundreds of millions of dollars in accessible cryptocurrency,\u201d wrote Jones.<\/p>\n

Zhao is facing a maximum of 18 months in prison over the money laundering charges, which stem from Binance\u2019s allegedly during a blind eye to criminal transactions on its platforms. In one of the largest corporate fines in U.S. history, Binance last month agreed to pay over $4 billion<\/a> to settle the charges while Zhao agreed to pay $50 million personally.<\/p>\n

Zhao, who\u2019s long treated Binance as a stateless entity, is a citizen of Canada, where he moved when he was 12 years old, but no longer has ties<\/a> to the country. In his ruling, Jones cited an unverified claim by the Justice Department that Zhao was offered citizenship by the UAE as further evidence he might be a flight risk\u2014and would avail himself of the country\u2019s lack of an extradition treaty with the U.S. The judge also emphasized that Zhao is a \u201cmultibillionaire\u201d and that his family resides in the UAE.<\/p>\n

Jones did, however, state that Zhao posted no danger to the community and that he could remain at liberty pending his February sentencing hearing\u2014provided he remain in the continental U.S.<\/p>\n

Zhao did not immediately reply to a request for comment about the ruling or whether he would file an appeal.<\/p>\n<\/div>\n

Learn more about all things crypto with short, easy-to-read lesson cards. Click here for Fortune’s Crypto Crash Course<\/a>.<\/div>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"

A federal judge in Seattle ruled on Thursday that the founder and former CEO of Binance, who\u2019s awaiting sentencing after pleading guilty to money laundering charges, must remain in the country. The order came after the Justice Department appealed a magistrate judge\u2019s earlier ruling that Changpeng Zhao\u2014known as \u201cCZ\u201d in the crypto world\u2014could return to […]<\/p>\n","protected":false},"author":53,"featured_media":9048,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[123],"tags":[],"class_list":["post-9047","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nBinance founder Changpeng Zhao must stay in the U.S. for sentencing, judge rules | Unlock Informed Choices with Us<\/title>\n<meta name=\"description\" content=\"The ruling means "CZ" can't go to the UAE prior to his hearing in Seattle in February.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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John Roberts","author_link":"https:\/\/topat10.com\/?author=53"},"uagb_comment_info":0,"uagb_excerpt":"A federal judge in Seattle ruled on Thursday that the founder and former CEO of Binance, who\u2019s awaiting sentencing after pleading guilty to money laundering charges, must remain in the country. The order came after the Justice Department appealed a magistrate judge\u2019s earlier ruling that Changpeng Zhao\u2014known as \u201cCZ\u201d in the crypto world\u2014could return to…","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/posts\/9047","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/users\/53"}],"replies":[{"embeddable":true,"href":"https:\/\/topat10.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9047"}],"version-history":[{"count":0,"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/posts\/9047\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/media\/9048"}],"wp:attachment":[{"href":"https:\/\/topat10.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9047"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/topat10.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9047"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/topat10.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9047"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}