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Binance’s Former Chief Has To Stay In Us Until February Sentencing-Filing
Former Binance chief Changpeng Zhao has to remain in the continental United States ahead of his sentencing for violating U.S. anti-money laundering laws, U.S. District Judge Richard Jones said on Thursday. -Reuters.
In the previous month, Binance Holdings was convinced to pay more than $4.3 billion and had pleaded guilty to breaking the United States anti-money laundering and sanctions regulations. Zhao had also pleaded guilty and had faced the maximum prison time of about 18 months under the federal guidelines and had also agreed not to appeal any sentence beyond that length.
A magistrate judge had previously said that Zhao might return to the United Arab Emirates, where he had been living, after his sentencing hearing in February. The district judge had claimed last month that he would be reviewing this issue.
The Justice Department had asked the judge to make Zhao stay in the country, saying that he had posed a flight risk. The lawyers for Zhao, however, disputed that assertion, saying that he had paid a “substantial” package for bail and voluntarily returned to the United States to take responsibility for his actions.
However, in a court document that was filed on Thursday, the District Court Judge in Seattle had agreed with the Justice Department and added that Zhao did not convince the court that it is pretty unlikely to flee if they allow him to return to the United Arab Emirates.
“While the bail package is substantial, if not unprecedented, it is a package that appears to be largely composed of assets beyond the government’s reach,” said Jones in a Thursday court filing.
Zhao would be able to remain free and move within the United States, as per the contributions of his bail. His next hearing is scheduled for 23 February 2024.
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