The U.S. District Court issued a ruling on prosecutors' motion to modify the bail determination in Zhao's case. As a result, Zhao is restricted from leaving the United States pending sentencing in his criminal case. A hearing in this case is scheduled for late February 2024.
On December 7, 2023, District Judge Richard Jones formally ordered that former Binance CEO Changpeng Zhao (CZ) remain in the United States pending sentencing in his case.
Let us recall that at the end of November 2023, CZ pleaded guilty to violating the Bank Secrecy Act and agreed to pay a fine. Soon after, Zhao was released on bail of $175 million.
The prosecutor's office decided to appeal the decision, seeking the repeal of the clause on the right to travel abroad. The court barred Zhao from leaving the United States until a hearing on the issue was held.
The new resolution states the following:
“The defendant has formulated arguments that would otherwise have led to the dismissal of the government's motion. […] However, it should be taken into account that he has an impressive fortune, his family lives in the UAE, and this country does not have an extradition treaty with the United States.”
Judge Jones also emphasized the fact that prosecutors intend to seek a prison sentence for the defendant. CZ faces up to 18 months, subject to his guilty plea.
In connection with the above, the judge decided to grant the request. The defense has not yet commented on the situation.
We previously reported that the court officially accepted Zhao's guilty plea. The hearing on his case will take place at the end of February 2024.
