Judge rules CZ must remain in the U.S. for now

Nov. 27, 2023

By Jacob Oliver

Changpeng Zhao, the former CEO of Binance, is currently barred from returning to his home in the United Arab Emirates (UAE), as per the ruling of a federal judge in Seattle.

U.S. District Judge Richard Jones has temporarily suspended a decision that would have allowed Zhao to leave the U.S. before his sentencing, scheduled for February 2024. The court adhered to U.S. prosecutors’ request to reconsider an earlier decision that would have permitted Zhao to return to the UAE.

“Substantial risk”

The prosecutors warned of a “substantial risk” that Zhao, who recently pleaded guilty to anti-money laundering and U.S. sanctions violations, might not return to the U.S. due to his significant assets, his ties to the UAE, and potential extradition difficulties.

Zhao’s guilty plea was part of a broad agreement with the government. He also agreed to pay a $50 million fine, separate from Binance’s $4.3 billion settlement with the Department of Justice.

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