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Binance Co-Founder Changpeng Zhao Barred From Leaving The US For Now

Binance co-founder Changpeng Zhao
Binance co-founder Changpeng Zhao

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Binance co-founder Changpeng Zhao will not be leaving the US for his residence in Dubai any time soon after the court barred his exit in line with prosecutors’ claims that he is a flight risk.

US District Judge Richard Jones said Zhao must stay in the US until his Seattle court reviews whether he can return to the United Arab Emirates (UAE) before his sentencing in February.

Zhao had last week pleaded guilty to charges of violating anti-money laundering laws and sanctions. As part of a deal with the government, Binance agreed to pay a $4.3 billion fine, while Zhao paid a $50 million fine and put up a $175 million bond as he awaits sentencing.

Binance also agreed to supervision by an independent compliance monitor for three years.

Prosecutors argued that Zhao’s wealth and residence in Dubai make him a flight risk, especially because the UAE does not have an extradition agreement with the US.

Binance Still Faces SEC Lawsuit

Despite settling with the Department of Justice, Binance and Zhao still facing a lawsuit brought by the US Securities and Exchange Commission (SEC), which alleges that Binance sold unregistered securities. Binance had challenged this charge.

A recent report revealed that Zhao is still worth about $15 billion and that his wealth has increased from $10.5 billion in April as crypto markets became more bullish.

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