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Binance Founder Restricted from Leaving the United States Pending Trial

CZ Can’t Leave the United States Pending Trial:

Changpeng Zhao, the former CEO of Binance, has been judged by a federal court in Seattle and cannot return to the United Arab Emirates before his scheduled conviction in the United States in February 2024.

This decision, made on December 7th by Judge Richard Jones, following an initial decision on November 27th, stems from prosecutors’ concerns that Zhao poses a flight risk, due to his wealth and the lack of an extradition treaty between the United Arab Emirates and the United States.

“The defendant possesses immense wealth and assets abroad, and has no ties to the United States.”

stated Judge Richard Jones

In November, Zhao pleaded guilty to violating the bank secrecy law and money laundering, and also agreed to pay a $50 million fine.

Up to 10 Years in Prison for Binance Founder?

Zhao, who could potentially be sentenced to up to 10 years in prison, has been deemed too risky to leave the United States.

This case highlights the growing legal challenges faced by cryptocurrency leaders, particularly in relation to banking secrecy laws and anti-money laundering efforts.

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