Judge Denies Ex-Binance CEO Changpeng Zhao From Leaving US

Vignesh Karunanidhi
CZ Decides to Step Down From Chairman Role of Binance.US
Source: CryptoPotato

Changpeng Zhao, the former CEO of cryptocurrency exchange Binance, must remain in the United States until his sentencing in February. The ruling is a follow-up on charges related to violating U.S. anti-money laundering laws, a federal judge ruled Monday.

Zhao, known as “CZ” in the crypto community, pleaded guilty last week to facilitating unlicensed money transmissions and concealing those transmissions from banks and other financial institutions.

CZ stepped down as a part of DOJ settlement

CZ stepped down as CEO of Binance after reaching a plea deal with U.S. prosecutors to resolve a years-long Justice Department investigation into the company’s compliance with financial regulations.

In the wake of Zhao’s guilty plea, both defense lawyers and federal prosecutors submitted arguments regarding whether the CZ should be permitted to leave the U.S. ahead of his sentencing.

Also read: DOJ Says Ex-Binance CEO Changpeng Zhao is a Flight Risk

Zhao currently holds citizenship in the United Arab Emirates. His defense attorneys requested that he be allowed to return to the UAE while he awaits sentencing.

However, the recent ruling has put CZ in a position to not leave the United States until his sentencing. The string of developments is a follow-up to Binance’s recent $4.3 billion settlement.