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Binance CEO Faces UAE Travel Ban After Guilty Plea: Report

Key Points:

Binance CEO faces UAE travel Ban after pleading guilty to felony charges.
Prosecutors express concern over Zhao’s potential flight risk due to his assets and ties to the UAE.
Zhao and Binance plead guilty to anti-money laundering and US sanctions violations, facing up to 10 years in prison.

According to BBG, Binance CEO faces UAE travel ban after pleading guilty to a criminal case. Zhao agreed to post a $175 million bond but prosecutors argue he may not return to the US due to his assets and ties to the UAE.

US prosecutors have requested a court to reverse its decision allowing Binance CEO, Changpeng Zhao, to travel to the United Arab Emirates (UAE) after pleading guilty to a felony criminal case. Despite objections from the government, a magistrate judge granted Zhao’s request to return to the UAE before his sentencing in February.

The founder of the world’s largest crypto exchange agreed to post a $175 million bond, secured by $15 million in cash and three guarantors. However, the Justice Department prosecutors have urged the court to reconsider, citing the “substantial risk” that Zhao will not return to the US due to his assets, ties to the UAE, and the lack of an extradition treaty.

Binance CEO Faces UAE Travel Ban After Guilty Plea

They argue that if Zhao avoids facing the consequences of his conduct, he could lose more than $20 million but live comfortably in the UAE. Zhao and Binance pleaded guilty to anti-money laundering and US sanctions violations, allowing the exchange to continue operations.

While Zhao faces up to 10 years in prison, it is expected that he will receive no more than 18 months as part of a plea deal. He has agreed to pay a $50 million fine and step down as CEO. The case is ongoing in the US District Court, Western District of Washington (Seattle).

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Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.