Binance exchange and its founder, Changpeng Zhao (CZ), reached the largest-ever settlement agreement with the US Department of Justice in late November. Initially, after pleading guilty in the US, CZ was released on US$175 million bail and was permitted by the judge to return to his residence in the United Arab Emirates (UAE) before sentencing.
Last month, at the end of the month, the US prosecutor requested that the judge change this decision on the grounds that Zhao Changpeng might flee. After more than two weeks of review by the judge, according to the latest report from Cointelegraph this morning, Judge Richard Jones of the Seattle District Court has reached an agreement with the prosecutor, believing that CZ should stay in the United States until February 23, 2024, as leaving the US would pose a risk of flight.
The Changes
Seattle District Court Judge Richard Jones wrote,
"Based on the foregoing reason, the Court GRANTS the government’s motion, and the defendant shall remain in the continental United States during the period between his plea and sentencing."
Also,Judge Jones added,
"His family resides in the UAE and it appears that he has favored status in the UAE. Under these circumstances the Court finds that the defendant has not established by clear and convincing evidence that he is not likely to flee if he returns to the UAE."
Maximum Ten-Year Imprisonment
The current sentencing hearing for CZ is scheduled for February 23, 2024. Originally facing a maximum of 10 years of imprisonment, legal experts indicate that, based on a plea agreement, the expected sentence is not likely to exceed 18 months. However, there is uncertainty as the prosecutor has raised objections, leaving many variables unknown at this time.