CZ Must Stay in US Until Sentencing: Federal Judge

The post CZ Must Stay in US Until Sentencing: Federal Judge appeared first on Coinpedia Fintech News

Binance founder Changpeng Zhao has been ordered to remain in the United States until his sentencing in February by a federal judge due to concerns over his potential flight risk. Judge Richard Jones agreed with prosecutors that Zhao’s wealth and family ties in the United Arab Emirates (UAE) could make it difficult to ensure his return if he chose not to come back to the US. Zhao pleaded guilty to money laundering charges in November and faces up to 18 months in prison. He has already posted a $175 million bond, which Judge Jones described as “largely composed of assets beyond the government’s reach.” Zhao’s guilty plea and $4.3 billion settlement with US regulators in November saw him step down as CEO of Binance.

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