The judge in February 2010 Binance CEO CZ Pleads Guilty
A federal judge has accepted Binance founder Changpeng “CZ” Zhao's guilty plea to money laundering, but has not decided whether he can leave the United States before February 2009.
In a December 6 filing in Seattle District Court, Judge Richard Jones said he accepted Zhao's guilty plea to one count of violating the Bank Secrecy Act.
Part of the deal saw Zhao step down as Binance's CEO and pay $150 million to regulators.
“This Court, having considered the report and recommendation of the United States Magistrate Judge, finds that there is no current objection. […] He accepted the defendant's plea of guilty,” Judge Jones wrote. “The defendant has been convicted of this crime.”
Zhao is scheduled to be sentenced on February 23, 2024 and faces up to 18 months in prison. He is currently out on $175 million bond, which would have allowed him to return to the United Arab Emirates, where he lives.
However, federal prosecutors objected to Zoo being allowed to leave the United States because the United Arab Emirates has no extradition treaty and Zhao could live on the wealth indefinitely.
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“He has three young children and a partner in the UAE; once he enters the UAE and faces up to 18 months in prison once he returns to the US, he may simply choose to stay with his family in the UAE,” prosecutors said.
Zhao contested the travel ban, saying he took responsibility for his actions by flying to the United Arab Emirates from the United Arab Emirates.
On November 27, Judge Jones ordered Zhao not to travel to the United Arab Emirates pending a court decision on the US government's request.
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