Pending a review of a motion filed by the U.S. government, the former Binance CEO will not be allowed to return to his home in the United Arab Emirates as he awaits sentencing.
Changpeng “CZ” Zhao, who pleaded guilty to one felony charge as part of a settlement with the United States Department of Justice involving crypto exchange Binance, may not be permitted to leave the country as he awaits sentencing.
According to a Nov. 27 filing in U.S. District Court for the Western District of Washington at Seattle, Judge Richard Jones stayed a decision by a magistrate judge that would have allowed CZ to return to the United Arab Emirates (UAE), where he has a home and family members. The judge ordered that CZ would not be permitted to travel to the UAE until a court ruled on a motion from the U.S. government on the matter.
Zhao stepped down as CEO of Binance on Nov. 21 as part of a settlement with the U.S. Department of Justice, in which he pleaded guilty to one felony charge and agreed to pay $150 million to regulators. The agreement largely allowed the crypto exchange to avoid additional charges in exchange for roughly $4.3 billion in penalties.
This is a developing story, and further information will be added as it becomes available.
