Court: Former Binance CEO Can’t Return to UAE Ahead of Sentencing

The former CEO of Binance, Changpeng ‘CZ’ Zhao, will remain in the US until his sentencing in February, pending a further review.

Judge Richard Jones of the District Court for the Western District of Washington in Seattle ordered that Zhao’s request to return to his home in the United Arab Emirates be put on hold until the court reviews the government’s motion.

Prosecutors argued that Zhao is a flight risk due to his wealth and the lack of an extradition treaty between the UAE and the US In a separate case, Zhao pleaded guilty to violating the Bank Secrecy Act and agreed to pay a $50 million fine.

Last week, Binance, the world’s largest crypto exchange, reached a settlement with the US Department of Justice for alleged money laundering, fraud, and sanctions violations, resulting in a $4.3 billion fine, one of the largest in US corporate history.