Binance Founder CZ Stuck in U.S. for the Moment
Changpeng "CZ" Zhao, the founder of Binance, the world's largest cryptocurrency exchange, has been ordered to stay in the U.S. by a federal judge while the U.S. Department of Justice assesses whether he should stay in the country until his sentencing next year. Zhao recently pleaded guilty to violating the Bank Secrecy Act, which saw him resign as CEO and agree to a $4.3 billion fine for Binance. He was originally allowed to return to the UAE after paying a $175 million bond, but U.S. prosecutors argue that due to his wealth and a lack of an extradition treaty with the UAE, he could present a flight risk. Zhao's attorneys retort that his initial return to the U.S. to plead guilty indicates his intent to take responsibility. He could face up to 10 years in prison and has agreed to pay an additional $50 million fine.
