Business News Report
November 28, 2023

Binance Founder CZ Forbidden UAE Return Until Sentencing Verdict

Binance Founder CZ Barred from UAE Return Before Sentencing

Changpeng Zhao, the founder of cryptocurrency giant Binance, has been denied permission by a U.S. federal judge to return to his home in the UAE before his sentencing. This decision follows Zhao’s guilty plea to U.S. criminal charges related to anti-money laundering and sanctions violations.

US District Judge Richard Jones in Seattle suspended an earlier ruling that allowed Zhao to travel back to the UAE after his guilty plea. The suspension remains until a decision is made on prosecutors’ motion to keep Zhao in the U.S. until his February 23 sentencing.

Zhao, who has stepped down as CEO of Binance, pleaded guilty to charges of failing to implement anti-money laundering policies and violating U.S. sanctions. As part of the plea deal, he agreed to post a $175 million bond and pay a $50 million fine.

Although Zhao faces up to 10 years in prison, he is expected to receive a sentence of no more than 18 months.

Binance’s Financial Penalties

Binance alongside Zhao, also agreed to pay hefty penalties totaling $4.3 billion. The company faces civil lawsuits from investors seeking to recover billions lost due to the exchange’s challenges.

Federal prosecutors expressed concerns about Zhao’s potential flight risk, citing his significant assets and ties to the UAE. The UAE is a country with no extradition agreement with the U.S.

In response, Zhao’s lawyers emphasized his voluntary appearance in the U.S. and willingness to accept responsibility for his actions.

Lawsuit Involving Cristiano Ronaldo and Binance

Binance investors have sued international soccer star Cristiano Ronaldo and other celebrity endorsers, accusing them of misleading promotions for Binance. The lawsuit filed in Miami, alleges these promotions amounted to unregistered securities.

The case against Changpeng Zhao and Binance marks a significant moment in cryptocurrency regulation and accountability.

As Zhao awaits his sentencing, the outcome of this case remains pivotal. It could have wide-reaching implications for the crypto industry and its governance.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

More articles
Nik Asti
Nik Asti

Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.

Hot Stories
Join Our Newsletter.
Latest News

NFTs & Mining: A Digital Synergy

The rise in usage of the non-fungible tokens has changed the way we see and engage with ...

Know More

AI in Crypto

Explore the ever-evolving realm of artificial intelligence within the cryptocurrency sphere. Discover the transformative impact of AI ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Nigeria Demands $10 Billion in Damages from Binance Amid Crypto Crackdown
Business News Report
Nigeria Demands $10 Billion in Damages from Binance Amid Crypto Crackdown
March 1, 2024
Renzo Partners with Connext to Launch Cross-Chain Restaking Natively on Arbitrum
Business News Report
Renzo Partners with Connext to Launch Cross-Chain Restaking Natively on Arbitrum
March 1, 2024
Worldcoin Enhances World ID Protocol with SMTB Formal Verification by Reilabs
News Report Technology
Worldcoin Enhances World ID Protocol with SMTB Formal Verification by Reilabs
March 1, 2024
Ethereum (ETH) Struggles to Maintain $3500, Analysts Warn of Possible Short-Term Correction
Markets News Report
Ethereum (ETH) Struggles to Maintain $3500, Analysts Warn of Possible Short-Term Correction
March 1, 2024
What You
Need to Know

Subscribe To Our Newsletter.
Daily search marketing tidbits for savvy pros.