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Binance‘s founder and former CEO Changpeng Zhao has been detained in the US voluntarily after accepting charges of violating anti-money laundering laws. A federal judge in Seattle has ruled that Zhao will not be able to return to his home in the United Arab Emirates before being sentenced in the US in February 2024.
Final Decision Issued on His Return to the United Arab Emirates
The world’s largest cryptocurrency exchange Binance’s founder and former CEO Zhao’s request to return to his home in the United Arab Emirates from the US has been finally decided by a federal judge in Seattle.
According to Bloomberg, US District Judge Richard Jones in Seattle decided that Zhao would not be able to return to his home in the United Arab Emirates before being sentenced in February 2024. The decision to deny Zhao’s request to return home was already made on November 27, yet it was reconsidered upon the defendant’s request.
US prosecutors had warned the court that there was a risk Zhao could flee as he might transfer his wealth and that there is no extradition treaty between the United Arab Emirates and the US. Zhao, who also agreed to pay a $50 million fine, is expected to face up to 10 years in prison in February 2024.
Had to Resign from His Executive Position
As known, Binance’s former CEO had accepted charges of violating anti-money laundering laws at a court in Seattle in November and causing the cryptocurrency exchange Binance to violate them as well.
Following his acceptance of charges for violating anti-money laundering laws, Zhao will no longer be able to hold an executive role at Binance. However, the terms of the agreement with the US Department of Justice (DoJ) still allow Zhao to retain the majority share of the world’s largest cryptocurrency exchange.
Following Zhao’s vacancy, Richard Teng, the head of Binance’s regional markets, was appointed to the executive seat.
