Changpeng Zhao Guilty Plea Accepted By US Judge: Report

Key Points:

• U.S. District Judge Richard Jones in Seattle has approved the plea deals between Binance Holdings and its former chief, Changpeng Zhao.
• Changpeng Zhao is currently awaiting sentencing, scheduled for February 23, 2024, and has been released on bond, while prosecutors have requested that he stay in the U.S. until sentencing.

According to Reuters, Changpeng Zhao guilty plea has been approved by U.S. District Judge Richard Jones, Zhao awaits sentencing in February, with prosecutors requesting that he stay in the U.S. until then. Sentencing is scheduled for February 23, 2024.

In November, Binance made headlines when it agreed to pay a staggering amount of over $4.3 billion. The company pleaded guilty to breaking U.S. anti-money laundering and sanctions laws. Alongside Binance, Changpeng Zhao himself also pleaded guilty to the charges and is currently awaiting sentencing, which is scheduled for February.

In a written statement, Judge Jones expressed his acceptance of the guilty plea, stating, “This Court, having considered the Report and Recommendation of the United States Magistrate Judge, to which there has been no timely objection… hereby accepts the plea of guilty of the defendant… the defendant is adjudged guilty of such offense.”

Changpeng Zhao Guilty Plea Accepted By US judge

As of now, the sentencing is scheduled for February 23, 2024. Despite awaiting sentencing, Zhao has been released on bond. However, prosecutors have requested that he be required to stay in the U.S. until the sentencing process is complete.

They argue that Zhao poses a serious risk of flight. On the other hand, Zhao’s attorneys have strongly asserted that he is not a flight risk and should be allowed to return to the UAE, where his family currently resides, until February.

Under the current terms of his bond release, Zhao would be permitted to return to the UAE, but he would have to come back to the U.S. two weeks before the scheduled sentencing date. However, Judge Jones recently stayed that part of Zhao’s release until a final ruling is made on the matter.

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