A federal judge, Richard Jones, accepted Binance founder Changpeng “CZ” Zhao’s guilty plea to a Bank Secrecy Act violation. However, the decision on whether Zhao can return to the United Arab Emirates before his February sentencing is pending. Despite stepping down as CEO, Zhao awaits sentencing scheduled for Feb. 23, 2024, with a release on bond. Prosecutors seek to keep him in the U.S. until sentencing, while Zhao’s attorneys argue for his return to the UAE, where his family resides. The judge emphasized that all parties should appear for sentencing as directed.
Under the existing terms of his bond release, Zhao could return but needs to come back to the U.S. two weeks before sentencing. Judge Jones temporarily suspended this provision last week, requiring Zhao to stay in the country until a final ruling is made. Binance, pleading guilty to three charges, including a sanctions-related offense, must permit monitors for reporting to the Department of Justice and the Treasury Department, part of its plea deal that includes a substantial $4.3 billion fine. Richard Teng, a former Binance director, has assumed the role of CEO.
