In a significant development, a federal judge has accepted the guilty plea of Binance founder Changpang “CZ” Zhao regarding money laundering charges. However, the judge has not yet made a decision on whether Zhao can leave the United States before his scheduled sentencing in February.
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Judge Richard Jones, in a filing to a Seattle District Court on December 6, acknowledged Zhao’s guilty plea to one count of violating the Bank Secrecy Act. Zhao had submitted his plea over two weeks ago on November 21, along with Binance’s $4.3 billion settlement with U.S. authorities. As part of the settlement, Zhao stepped down as the CEO of Binance and agreed to pay $150 million to regulators.
This Court, having considered the Report and Recommendation of the United States Magistrate Judge, to which there has been no timely objection […] accepts the plea of guilty. The defendant is adjudged guilty of such offense.
Zhao is slated to be sentenced on February 23, 2024, and could face up to 18 months in prison. Presently, he is released on a $175 million bond, allowing him to return to the United Arab Emirates, where he resides.
Federal prosecutors have expressed concerns about Zhao leaving the U.S., arguing that they may not be able to ensure his return due to the absence of an extradition treaty with the UAE. They contend that Zhao, with his considerable wealth, could potentially choose to reside indefinitely in the UAE, where he has family ties.
The court is yet to decide whether Zhao will be permitted to leave the U.S. before his sentencing date.