According to a Reuters report, former Binance CEO Changpeng Zhao, commonly known as CZ, must remain in the United States for the time being, as stated by a federal judge on Monday. 

This decision comes after Zhao, the founder of the world’s largest cryptocurrency exchange, pleaded guilty to violating US anti-money laundering laws.

Binance Ex-CEO Denied UAE Return Amid Money Laundering Charges

The judge ruled that Zhao must stay in the US until the Seattle court determines whether he should remain in the country through his sentencing hearing in February or be allowed to return to the United Arab Emirates (UAE), where he holds citizenship.

Last week, Zhao resigned as CEO of Binance after admitting to willfully causing the exchange to fail in maintaining an effective anti-money laundering program. As part of the bail agreement, Zhao agreed to a $175 million bond.

US District Judge Richard Jones in Seattle stated that he would review the decision regarding Zhao’s stay in the United States after the US government appealed a prior ruling, which allowed Zhao to return to the UAE before his sentencing hearing scheduled for February 23.

In addition to Zhao’s guilty plea, Binance, the cryptocurrency exchange he founded, agreed to pay over $4.3 billion in fines and pleaded guilty to breaking US anti-money laundering and sanctions laws.

CZ’s Conviction Looms

According to federal guidelines, Zhao could face a Go to Source to See Full Article
Author: Ronaldo Marquez

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