U.S. Judge: Binance Founder Changpeng “CZ” Zhao Cannot Leave the U.S. For the Time Being – What’s Going On?

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Binance founder and former CEO, Changpeng Zhao, must stay in the U.S. for the time being until a federal judge decides whether or not he will have to stay in the country until his sentencing in February of next year.

Last week, Zhao stepped down from his role as CEO of Binance, pleading guilty to violating the Bank Secrecy Act. Binance must pay $4.3 billion in fines and penalties while making a “complete exit” from the U.S. market.

Zhao is currently out on a $175 million bail until his flight risk status is decided.

Zhao’s guilty plea comes just weeks after his rival, FTX founder, Sam Bankman-Fried, was found guilty on seven different fraud charges in Manhattan federal court.

Update:

Last week, attorneys for Zhao pushed back against the US Department of Justice’s motion which would require Zhao, a resident of Dubai, to not leave the country.

Attorneys for Zhao argue that staying in the U.S. will complicate matters for his children and partner, with whom he welcomed a third child in recent months.

“Allowing Mr. Zhao to remain in the UAE will, in turn, allow him to take care of his family and prepare them for his return to the U.S. for sentencing,” Zhao’s attorneys wrote.

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