CZ Ordered to Remain in the United States Until Sentencing, Following Guilty Plea
Crypto News – U.S. District Judge Richard Jones has issued a ruling requiring the founder of Binance to remain in the United States until his sentencing. This decision comes after former Binance CEO Changpeng Zhao (CZ) accepted a guilty plea. The ruling, dated Thursday, December 7, 2023, was disclosed through a court filing obtained by Reuters.
CZ’s Continued Stay in the U.S. According to the Reuters report, Changpeng Zhao must remain within the continental United States until his sentencing, which is scheduled for February 2023. This relates to his violation of U.S. anti-money laundering laws. Previously, CoinGape had reported that the U.S. District Court for the Western District of Washington in Seattle had accepted CZ’s guilty plea on charges related to money laundering. This followed his guilty plea entered with the U.S. Department of Justice (DOJ) on November 22, 2023.
During the recent court proceeding, the judge in Seattle reportedly expressed concerns about CZ’s likelihood of returning to the U.S. if allowed to travel. The court filing stated:
“While the bail package is substantial, if not unprecedented, it is a package that appears to be largely comprised of assets beyond the government’s reach.”
U.S. Stay Until at Least February 2024
The DOJ had previously opposed CZ’s departure from the U.S., citing concerns that he might flee, making his extradition difficult. Conversely, CZ’s lawyers argued that a substantial bail package had been posted, and he was voluntarily visiting the U.S. They also emphasized his desire to leave the country to reunite with his family in the UAE. Consequently, the former Binance CEO is now required to stay in the U.S. until at least February 23, 2024.
Under the plea agreement with the Justice Department, CZ potentially faces a maximum sentence of 18 months. However, it is possible that the findings of the U.S. DOJ and the guilty plea agreement could expose him to further legal challenges from regulators, such as the U.S. Securities and Exchange Commission (SEC).
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