Changpeng "CZ" Zhao, the former CEO of Binance who recently pleaded guilty to a felony charge as part of a settlement with the U.S. Department of Justice, may not be permitted to leave the United States while awaiting sentencing. A recent filing in the U.S. District Court for the Western District of Washington at Seattle indicates that a magistrate judge's decision allowing CZ to return to his home in the United Arab Emirates has been stayed by Judge Richard Jones. The stay remains in effect until a court rules on a motion for review from the U.S. government.
The guilty plea, entered by Zhao on Nov. 21, pertains to a felony count related to the failure to maintain an effective Anti-Money Laundering program during his tenure as Binance's CEO, violating the U.S. Bank Secrecy Act. Despite posting a $175 million bond, CZ can still travel within the U.S. until his sentencing, expected in February 2024. Federal sentencing guidelines suggest a potential sentence of up to 18 months in prison.
As part of the settlement with the U.S. Department of Justice, CZ resigned as CEO of Binance on Nov. 21, pleaded guilty to one felony charge, and agreed to pay $150 million in penalties. The agreement allowed the crypto exchange to avoid additional charges in exchange for approximately $4.3 billion in penalties.
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