A federal judge on Monday ruled that the ex-CEO of Binance, Changpeng Zhao, must remain in the United States for the present times following his admission of guilt last week. The U.S. government aims to stop Zhao from heading back to the United Arab Emirates before his sentencing. The judge situated in Seattle declared that Zhao has to stay in the U.S. until the court settles "the Government's motion for review."
Last week, Changpeng Zhao, founder of Binance, pleaded guilty to criminal charges related to his cryptocurrency exchange. On Monday, a federal judge made the ruling that Zhao must stay in the U.S. temporarily, as he was released on a $175 million bond and is due to appear at a sentencing hearing on Feb. 23. Although his lawyers asked for Zhao to be allowed to travel, the prosecutors argued that he poses a flight risk, as he lives in the United Arab Emirates, which has no extradition treaty with the U.S. Judge Richard Jones specified that Zhao cannot return to the UAE "until such time as this Court resolves the Government's motion for review." To resolve the investigation into the world's largest cryptocurrency exchange, Zhao agreed to step down as CEO and the company was ordered to pay a $4.3 billion settlement, and must maintain and improve its compliance program, as well as appoint an independent compliance monitor.
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