Former Binance CEO Changpeng Zhao Ordered to Remain in U.S., Says Federal Judge

Following the guilty plea for violating U.S. anti-money laundering laws, former Binance CEO Changpeng Zhao has been ordered by a federal judge to remain in the United States until his sentencing hearing in February, as reported by Reuters.

The judge in Seattle will reconsider the decision on Zhao's stay after the U.S. government appealed a previous ruling allowing him to return to the United Arab Emirates, where he holds citizenship. Despite facing a maximum prison sentence of 18 months, Zhao, a Canadian citizen, agreed to a $175 million bond. Binance Holdings, the exchange he co-founded, recently agreed to a $4.3 billion settlement for violating U.S. anti-money laundering and sanctions laws.

While Zhao's lawyers argue against him being a flight risk, the U.S. government expressed concerns about securing his return from a country with no extradition treaty.

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Reuters