Can former Binance CEO Changpeng Zhao return to the UAE? The judge’s decision is pending post-conviction plea.
Binance founder and former CEO Changpeng “CZ” Zhao resigned after pleading guilty to three felonies in federal court in Seattle. He can return to his family in Dubai, but there are conditions attached.
CZ pleaded guilty to one count of violating the Bank Secrecy Act. But a federal judge has not yet decided whether Mr Zhao can return to the United Arab Emirates before he is sentenced in February. After admitting to violating money laundering laws, Zhao agreed to a $50 million fine.
This agreement with the Department of Justice aims to preserve Binance’s operations. Zhao’s resignation follows terms agreed upon with the Commodity Futures Trading Commission and the Treasury.
Judicial Procedures and Decisions
Federal Judge Richard Jones of the U.S. District Court for the Western District of Washington accepted the plea Wednesday. This comes less than two weeks after Zhao and Binance, the cryptocurrency exchange he founded, pleaded guilty to charges related to inadequate anti-money laundering procedures at the world’s largest cryptocurrency exchange.
“After considering the report and recommendation of the U.S. Magistrate… the court hereby accepts defendant’s plea of guilty… defendant is found guilty of such offenses,” the judge wrote. “All parties hereto are directed. You must appear before this court to be sentenced accordingly.”
Can CZ return to UAE?
Regarding CZ’s return to his family in the UAE, he initially sought permission but was directed to remain in the United States until sentencing on February 23, 2024. Extradition treaty between the two countries.
Zhao was released on bail, but prosecutors asked him to remain in the U.S. until sentencing. He can return under his current bail conditions but must return two weeks before sentencing. Judge Jones recently postponed his decision to release Zhao until a final decision is made.
As part of the plea agreement, Binance agreed to pay a hefty $4.3 billion fine and allow monitors to report to the Department of Justice and Treasury. Binance pleaded guilty to three charges, including sanctions-related charges. Former Binance executive Richard Teng takes over as CEO.