Binance CEO Admits to Money Laundering Charges
Binance CEO Changpeng Zhao has been approved by Judge Richard Jones to admit guilt concerning charges of money laundering. However, Zhao’s request to leave the U.S. before his sentencing in February remains under consideration.
“This Court, having considered the Report and Recommendation of the United States Magistrate Judge, to which there has been no timely objection […] accepts the plea of guilty of the defendant,” stated Judge Jones in a Dec. 6 filing.
“The defendant is adjudged guilty of such offense.”
The U.S. Department of Justice (DOJ) accused Binance and Zhao of violating the Bank Secrecy Act (BSA), alleging that, under Zhao’s direction, the exchange breached sanctions and violated money transmission laws.
In a settlement agreement with prosecutors, Binance settled by paying a $4.3 billion fine, while Zhao individually paid $50 million and agreed to step down from his position as Binance’s CEO.
Granted a $175 million personal recognizance bond in November, Zhao was initially permitted to return to the United Arab Emirates (UAE) until his sentencing on Feb. 23 next year.
However, following objections from prosecutors, Judge Jones ruled that Zhao would not be allowed to leave the U.S. until the court addresses the government’s request for review, citing concerns about Zhao being a “flight risk.”
Zhao’s legal team countered this motion, emphasizing his voluntary surrender and guilty plea as evidence that he had no intention of fleeing.
There are significant developments anticipated for CZ in the coming months.
Conclusion
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