Binance founder and former CEO Changpeng Zhao, commonly known as CZ, is confined to the United States until his sentencing. Zhao, who pleaded guilty to violating the Bank Secrecy Act, is scheduled for sentencing in February 2024. He is currently on a $175 million personal recognizance bond, with significant collateral put up as security. The decision by District Judge Richard Jones of the Western District of Washington was influenced by Zhao's substantial wealth and the absence of an extradition treaty with the UAE, where Zhao's family resides. The judge highlighted the severity of Zhao's potential sentence, which could be up to 18 months. This legal development follows Binance's guilty plea to anti-money laundering and money transmitter rule violations, resulting in a $4.3 billion fine.
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