A federal judge gave the green light to Binance founder Changpeng “CZ” Zhao’s guilty plea for money laundering, but the judge is still out on whether he can ditch the US before his sentencing in February.
On December 6, in a filing to a Seattle District Court, Judge Richard Jones confirmed that he had acknowledged Changpeng Zhao’s admission of guilt for violating the Bank Secrecy Act. Zhao had submitted his guilty plea more than two weeks earlier, on November 21, along with Binance reaching a $4.3 billion settlement with United States agencies.
“This Court, having considered the Report and Recommendation of the United States Magistrate Judge, to which there has no timely objection […] accepts the plea of guilty of the defendant. The defendant is adjudged guilty of such offense,” Judge Jones wrote.
Zhao is scheduled to receive his sentence on February 23, 2024, and could face imprisonment for a maximum of 18 months. Currently, he is out on bail, with a bond set at $175 million which would have permitted him to go back to his residence in the United Arab Emirates.
However, federal prosecutors are against allowing Zhao to leave the U.S. Their concern is that if he chooses not to return, they will lack the means to ensure his presence. The UAE lacks an extradition treaty, and Zhao could potentially live there indefinitely, enjoying his wealth without facing legal consequences.
