Binance’s Ex-CEO Changpeng Zhao Restricted To US, Travel Ban Imposed
Summary
The founder of Binance, Changpeng Zhao, also known as CZ, has been ordered by a federal judge to remain in the United States due to his admitted guilt in violating US anti-money laundering laws. The decision to keep CZ in the US is to ensure he remains available for a sentencing hearing in February 2023. Zhao agreed to the conditions of a $175 million bond and will not appeal any sentence up to 18 months in prison. The exchange, Binance, agreed to pay over $4.3 billion in fines and admitted to breaking US anti-money laundering and sanctions laws. The impact of Zhao's trial on Binance and possible further penalties are yet to be determined.
