Binance founder Changpeng “CZ” Zhao is currently required to stay in the U.S. as a federal judge reviews a motion from the U.S. Department of Justice. This motion seeks to keep Zhao in the country until his sentencing early next year. Zhao recently pleaded guilty to violating the Bank Secrecy Act and subsequently stepped down as CEO of the world’s largest cryptocurrency exchange. The exchange itself also pleaded guilty to charges related to violating sanctions and money-transmission laws, agreeing to pay $4.3 billion in fines and have compliance monitors appointed. These monitors will report back to the U.S. government. Following his guilty plea, Zhao was granted release on a $175 million personal recognizance bond. He placed $15 million in a trust account and had three guarantors provide over $5 million in collateral to secure the bond. Initially, he was allowed to return to the UAE, where his wife and children reside. However, District Judge Richard Jones has temporarily halted this part of the ruling.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Middle East |
| Countries | 🇺🇸 🇺🇸 |
| Sentiment | negative |
| Relevance Score | 1 |
| People | Changpeng Zhao |
| Companies | Bank Secrecy Act, Binance, U.S. government, U.S. Department of Justice |
| Currencies | US Dollar |
| Securities | None |
