CZ Zhao Has to Stay in the U.S. Ahead of Sentencing in February Next Year

Reported by Cointelegraph, Changpeng 'CZ' Zhao will have to stay in the U.S. ahead of his sentencing in February, at least until a further review is conducted. 

According to a Nov. 27 filing, Judge Richard Jones stayed a decision by a magistrate judge that would have allowed CZ to return to the United Arab Emirates, where he has family members. The judge ordered that CZ would not be permitted to travel to the UAE until a court ruled on a motion for review from the U.S. government.

Prosecutors had warned that Zhao presented a flight risk, citing his wealth and noting that the UAE has no extradition treaty with the U.S.

On Nov. 21, Zhao pleaded guilty to one felony count for failure to maintain an effective Anti-Money Laundering program during his time as CEO of Binance, violating the U.S. Bank Secrecy Act. After posting a $175 million bond, he remains essentially free to travel within the U.S. until his sentencing, expected in February 2024.