Binance Co-Founder Changpeng Zhao Ordered To Stay In US Until February Sentencing

Updated: 08 December 2023

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Binance co-founder and former CEO Changpeng Zhao (CZ) must stay in the US until February 23 when his sentencing is due, a US court ruled on Dec. 7.

Judge Richard Jones deemed that Zhao’s wealth makes him a flight risk should he be allowed to return to the United Arab Emirates.

🤔 Binance Founder CZ to Await Sentencing in US; Judge Cites Wealth Abroad as Flight Risk Factor

A federal judge in Seattle has ruled that Changpeng Zhao must remain in the US while awaiting sentencing on money laundering charges.#CryptoNews https://t.co/StfxizWj4x

— Cryptonews.com (@cryptonews) December 8, 2023

“The defendant has enormous wealth and property abroad, and no ties to the United States,” he said. “His family resides in the UAE.” With this determination, the judge sided with the prosecution team that had argued against Zhao being allowed to leave the US.

Binance Co-Founder Paid $175 Million Bond

After pleading guilty to money laundering, Zhao stepped down as Binance CEO, handing over to Richard Teng. He faces up to 18 months in prison.

Zhao’s current freedom comes courtesy of a $175 million bond, largely comprised of assets beyond the government’s reach, according to Jones. The bond conditions allow him to freely roam the US. These terms, according to the judge, are “hardly burdensome impositions on the defendant’s freedom.”

In a separate matter, Binance has shifted its focus away from one of its ventures in the UAE, retracting its license application for Abu Dhabi Investment Fund. Binance says it is unnecessary “when assessing [its] global needs.”

Despite rescinding the license application, data according to the website shows a standing application to serve professional clients with custody services.