CZ To Stay in The U.S. Till Sentencing: US Judge Decides
Ex-Binance CEO Zhao can't leave the U.S. until his hearing; he faces up to 18 months in jail for law violation. Binance fined $4.3B.
A US judge has decided that Changpeng Zhao (CZ), the former head of Binance, can't return to the UAE until his court hearing. Zhao, who is guilty of breaking a financial law, will be staying in the US while awaiting his sentencing which will happen by February 2024.
He paid a huge $175 million in bonds as bail, which Initially could allow him to go back to the UAE, where his family lives, but after prosecutors claimed that the former CEO was a flight risk, the court agreed thinking he might not return to the U.S. for his hearing.
A district judge, Judge Richard Jones agreed with the prosecutors and stated his reasons. he mentioned Zhao's massive wealth and the fact that the UAE and the U.S. don't have an extradition agreement (to arrest U.S. criminals within the UAE). Zhao has family in the UAE but not many connections in the U.S. He could face up to 18 months in jail.
Zhao left Binance after he and Binance admitted to breaking money rules. The company will pay a $4.3 billion fine for this.
