The US Court Accepted The Guilty Plea of Former Binance CEO Changpeng Zhao

Former Binance CEO Changpeng Zhao pleaded guilty to violating money laundering regulations in a US court, but it is unclear whether he will be allowed to return to the UAE.

The Us Court Accepted The Guilty Plea Of Former Binance Ceo Changpeng Zhao_65b97d3dc2c89.webp

According to documents submitted to Seattle Federal Court on December 6 (US time). Former Binance CEO Changpeng Zhao (CZ) admitted to violating the US Bank Secrecy Act. Set anti-money laundering regulations. Seattle District Court Judge Richard Jones accepted Mr. Zhao’s guilty plea.

Previously on November 22, 2023, Binance reached an agreement to end the investigation by the US Department of Justice and the US Futures Trading Commission (CFTC) into this platform. Binance has agreed to accept a record fine of up to $4.3 billion.

As for Mr. Changpeng Zhao, who has led Binance since its founding in 2017. The CEO was forced to resign on charges of negligence in management, related to money laundering through Binance. Mr. Zhao agreed to pay a fine of $50 million and was banned from holding any management position at Binance for a period of 3 years.

the us court accepted the guilty plea of former binance ceo changpeng zhao 65b97d3dc5802

On charges of violating anti-money laundering regulations, Changpeng Zhao could face a prison sentence of 18 months to several decades. However, the former Binance CEO can file an appeal if the sentence is higher than 18 months. His lawyer believes that because CZ showed sincerity when pleading guilty and voluntarily appearing in court. There should be hope of receiving a light sentence.

Mr. Zhao applied for bail with a guarantee value of up to 150 million USD. Wishing to reunite with his family in the UAE while waiting for the sentencing date of February 23, 2024.

Related: Grayscale CEO Optimistic After SEC Talks on Bitcoin ETF

However, US prosecutors have petitioned the court not to let CZ leave the US due to concerns about the risk of him fleeing and there is no way to summon him to face charges, due to most of his assets. The former Binance CEO is out of the reach of US officials and there is no extradition treaty between the UAE and them.

The Seattle court has not yet made a new decision to allow Changpeng Zhao to return to the UAE. So Mr. Zhao is still on bail in the US.

The former CEO of Binance changed his account name X (Twitter) to separate his relationship with the exchange. But continue to post updates and interact with the community. On December 3, he shared the 10th anniversary since he sold his house to go “all-in” on Bitcoin.

Changpeng Zhao also showed support for his successor at Binance, new CEO Richard Teng, who vowed to transform Binance into a globally compliant company, ready for a “50-year future”. next”.

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