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The judge orders CZ to stay in the United Arab Emirates until after his sentencing

Because of Zhao's wealth and the fact that the UAE and the US do not have an extradition treaty, the prosecution had warned that Zhao posed a flight risk.

by V. Sinclair
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Changpeng “CZ” Zhao, the former CEO of Binance, will have to remain in the United States until his sentencing in February, if only to allow for additional review.

A condition that would have permitted Zhao to return to his home in the United Arab Emirates prior to his sentencing was ordered to be “stayed until such time as this Court resolves the Government’s motion for review,” by Judge Richard Jones of the U.S. District Court for the Western District of Washington in Seattle, according to a court filing on Monday.

Because of Zhao’s wealth and the fact that the UAE and the US do not have an extradition treaty, the prosecution had warned that Zhao posed a flight risk.

Zhao entered a guilty plea in a Seattle court on Tuesday for breaking the Bank Secrecy Act and encouraging a financial institution to do the same. In addition, he consented to shell up $50 million.

The largest cryptocurrency exchange in the world, Binance, and the U.S. Department of Justice reached a settlement last week over a related case that involved allegations of fraud, money laundering, and sanctions violations. One of the largest corporate settlements in American history will be made by the cryptocurrency exchange when it pays a $4.3 billion fine.

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