Ahmet Bedirhan Arvas 
Binance CEO CZ Can’t Return Home! Former CEO of Binance, Changpeng Zhao, known as ‘CZ,’ cannot return to the United Arab Emirates, where his home is located, following his guilty plea for violating the Bank Secrecy Act. A federal judge in Seattle rejected Zhao’s request to return to the UAE on Thursday night.
The judge’s decision came despite Zhao admitting his guilt and posting a $175 million bond. The bond included cash deposited and assets pledged by custodians and guarantors. However, prosecutors argued that Zhao’s immense wealth and lack of connection to the U.S. posed a flight risk.
Judge Richard Jones of the Western District of Washington agreed with the Department of Justice, stating that the possibility of receiving up to 18 months of imprisonment and the absence of an extradition agreement with the UAE justified the travel restrictions. While Binance CEO Zhao could face a minimum of 10 months in prison, the judge also acknowledged the possibility of a longer sentence.
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Zhao’s family lives in the UAE, and he has no significant ties to the U.S. This fact played a role in the court’s decision to restrict his travel. This decision leaves Zhao in the U.S. until his trial in February 2024. He will then have the opportunity to present a defense for a potentially lighter sentence, but prosecutors may seek the maximum sentence of 18 months.
This case highlights the legal challenges surrounding cryptocurrencies and the complex issues of financial regulation in a globalized world.
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