Changpeng "CZ" Zhao, the founder of Binance, recently had his guilty plea to a count of violating the Bank Secrecy Act accepted by a federal judge. The plea came amid accusations of poor anti-money laundering practices at Binance, the world's largest crypto exchange. Following the plea, Zhao resigned from his CEO role at the exchange.
The federal judge, Richard Jones, of the U.S. District Court for the Western District of Washington, has yet to decide if Zhao can return to the United Arab Emirates before his sentencing scheduled for February 23, 2024. Zhao, currently released on bond, has been requested by prosecutors to stay in the U.S. through his sentencing. His attorneys argue that Zhao is not a flight risk and should be permitted to return to the UAE, where his family resides.
Under the terms of his bond release, Zhao can return home but must come back to the U.S. two weeks prior to sentencing. However, this part of his release was stayed by Judge Jones until a final ruling is made. Meanwhile, Binance pleaded guilty to three charges, including sanctions-related offenses, and agreed to a $4.3 billion fine as part of its plea deal. Richard Teng, a former director at Binance, has assumed the CEO position.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
