Binance Founder Changpeng Zhao Ordered to Stay in U.S. Until Sentencing

Judge Cites Zhao's Wealth and Lack of U.S. Ties as Reasons for Flight Risk Concerns

Overview

Binance founder Changpeng Zhao, also known as CZ, has been ordered by a U.S. District Judge to remain in the United States until his sentencing in February 2024.
Zhao pleaded guilty last month to violating federal money laundering rules and faces up to 18 months in prison.
The judge's ruling is based on concerns that Zhao, who has substantial wealth and family ties in the United Arab Emirates (UAE), poses a flight risk due to the lack of an extradition treaty between the U.S. and the UAE.
Zhao was released on a $175 million bond, but the judge noted that most of his wealth is believed to be held overseas.
Binance, the world's largest cryptocurrency exchange which Zhao founded, also pleaded guilty to related charges and agreed to pay over $4.3 billion in financial penalties.