Binance's Ex-CEO CZ 'Poses a Serious Risk of Flight,' Prosecutors Claim in Asking He Stay in U.S.
Summary
Changpeng Zhao, the former CEO of cryptocurrency exchange, Binance, pleaded guilty to charges of violating the Bank Secrecy Act. Federal prosecutors are demanding Zhao, a UAE citizen, not be allowed to leave the U.S. ahead of his sentencing in February 2024, stating his minimal ties to the country could mean he might not return. Binance also pleaded guilty to charges related to deficient anti-money laundering practices and inadequate customer vetting. They are paying $4.3 billion in fines, one of the largest ever from the U.S. Department of Justice. Zhao is under a $15 million bond agreement and a personal bail bond of $175 million, but authorities argue this is insufficient as most of his assets are abroad.
