Changpeng Zhao, the founder and former CEO of Binance, was voluntarily detained in the U.S. after admitting to violating U.S. money laundering laws. A federal judge in the city of Seattle, U.S., ruled that Zhao will not be able to return to his home in the United Arab Emirates until his trial in February 2024.
Zhao’s request to return to his home in the United Arab Emirates from the U.S. was terminated by a federal judge in Seattle. Judge Richard Jones decided that Zhao will not be able to return home until his trial in February 2024. Zhao’s request to return home was initially denied on November 27, but was reviewed again at the defendant’s request.
U.S. prosecutors warned the court that Zhao posed a risk of transferring his wealth and could escape because there is no extradition agreement between the United Arab Emirates and the U.S. Zhao, who agreed to pay a fine of $50 million, could face up to 10 years in prison in February 2024.
Zhao admitted in a court in Seattle that he violated money laundering laws and caused Binance cryptocurrency exchange to also violate these laws. Following his admission of these charges, Zhao will not be able to assume an executive role at Binance.
Following Zhao’s departure from the executive position, Richard Teng, the head of regional markets at Binance, was appointed to the executive seat.