At a recent hearing in Seattle District Court, Judge Richard Jones upheld the guilty plea of Changpeng “CZ” Zhao, the founder of Binance, on money laundering charges.
Although the $4.3 billion deal between his exchange and U.S. authorities was accepted more than two weeks ago, the decision on whether Zhao will be allowed to leave the United States before sentencing, scheduled for February, is still pending.
The agreement involves the resignation of Zhao as CEO of Binance and the payment of a fine of 150 million to regulators. The sentence is scheduled for February 23 next year, with a possible sentence of up to 18 months in prison.
Despite being released on $175 million bail, which would allow him to return to his residence in the United Arab Emirates, federal prosecutors oppose his departure from the United States, arguing that there are no guarantees of his return due to the absence of an extradition treaty with the United Arab Emirates and the possibility that he may choose to remain there with his family.
(Source image reference: @Criptoinforme, social network X)