A court has banned the former CEO and co-founder of Binance from returning to his family in the United Arab Emirates. The accused may remain in the United States until February 2024.
Judge Richard A. Jones (Richard A. Jones) thus supported the request of the US Department of Justice, which believes that Changpeng Zhao (Changpeng Zhao) may try to escape from justice. Zhao will now remain in the US until a Seattle court decides whether the businessman should attend a sentencing hearing in February. Zhao, who is a citizen of the UAE and Canada, stepped down as CEO of Binance last week after pleading guilty to willfully violating the exchange's anti-money laundering program. As the US Department of Justice stated, referring to the leaked correspondence of Binance employees, back in 2019, the company boasted that they could easily launder money from drug sales. Binance Holdings has agreed to pay more than $4.3 billion to the US Treasury, pleading guilty to violating US anti-money laundering laws and violating the international sanctions regime. According to American law, Zhao faces up to 18 months in prison. He agreed not to appeal one sentence with a similar penalty. Earlier, Zhao was released from custody on bail of $175 million.