Active Stocks
Sat Mar 02 2024 09:07:10
  1. Tata Steel share price
  2. 152.00 1.33%
  1. Tata Motors share price
  2. 988.90 1.20%
  1. HDFC Bank share price
  2. 1,432.15 0.07%
  1. Power Grid Corporation Of India share price
  2. 287.80 0.05%
  1. ITC share price
  2. 412.70 0.78%
Business News/ Companies / People/  Binance's former chief Changpeng Zhao has to stay in US until February sentencing
BackBack

Binance's former chief Changpeng Zhao has to stay in US until February sentencing

The Justice Department asked the judge to require Zhao to stay in the country, saying he posed a flight risk

A magistrate judge previously said Changpeng Zhao could return to the United Arab Emirates, where he has been living (PHOTO: JULIANA TAN FOR THE WALL STREET)Premium
A magistrate judge previously said Changpeng Zhao could return to the United Arab Emirates, where he has been living (PHOTO: JULIANA TAN FOR THE WALL STREET)

Former Binance chief Changpeng Zhao has to remain in the continental United States ahead of his sentencing for violating U.S. anti-money laundering laws, U.S. District Judge Richard Jones said on Thursday.

Last month, Binance Holdings agreed to pay over $4.3 billion and pleaded guilty to breaking U.S. anti-money laundering and sanctions laws. Zhao also pleaded guilty and faces a maximum prison sentence of 18 months under federal guidelines and has agreed not to appeal any sentence up to that length.

A magistrate judge previously said Zhao could return to the United Arab Emirates, where he has been living, ahead of his February sentencing hearing. Last month, the district judge said he would review the issue.

The Justice Department asked the judge to require Zhao to stay in the country, saying he posed a flight risk. Lawyers for Zhao disputed that assertion, noting that he paid a "substantial" bail package and voluntarily came to the United States to accept responsibility for his actions.

But in a court document filed on Thursday, the District Court judge in Seattle agreed with the Justice Department and said Zhao had not convinced the court he is unlikely to flee if allowed to return to the UAE.

"While the bail package is substantial, if not unprecedented, it is a package that appears to be largely comprised of assets beyond the government's reach," Jones said in Thursday's court filing.

Zhao is able to remain free and travel within the United States, according to the conditions of his bail. His sentencing hearing is scheduled for Feb. 23, 2024.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

Catch all the Corporate news and Updates on Live Mint. Check all the latest action on Budget 2024 here. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 08 Dec 2023, 07:01 AM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie