Binance founder Changpeng “CZ” Zhao has been ordered by a federal judge to remain in the United States until his sentencing in February. The judge determined that there is a high risk of flight if Zhao is allowed to return to the United Arab Emirates, where he resides.

Judge Richard Jones of the Seattle District Court issued the order on December 7, stating that Zhao must stay in the U.S. until his sentencing date on February 23, 2024. Zhao pleaded guilty to money laundering on November 21 and could face up to 18 months in prison. He has agreed not to appeal any potential sentence up to that length.

The judge noted that Zhao has significant wealth and property abroad, with no ties to the United States. He also mentioned that Zhao’s family resides in the UAE and that he appears to have favored status there. Based on these factors, the judge concluded that Zhao has not provided clear and convincing evidence that he is not likely to flee if he returns to the UAE.

Zhao is currently on a $175 million bond, which the judge stated is largely comprised of assets beyond the government’s reach. The bond conditions allow Zhao to travel freely within the U.S. and permit his family to visit him, which the judge considered to be reasonable restrictions on his freedom.

In November, Binance and Zhao reached a settlement with U.S. regulators for $4.3 billion. They admitted to running an unlicensed money-transmitting business and violating the Bank Secrecy Act. As part of the settlement, Zhao stepped down as CEO of Binance.

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	U.S. regulators, HTX, Binance, Bank Secrecy Act, Seattle District Court
Currencies	Aeternity, US Dollar
Securities	None