Judge Orders Binance Founder CZ Must Stay in US Until Sentencing
- The founder of Binance CZ must stay in US until sentencing due to legal issues.
- He admitted to violating anti-money laundering policies and US sanctions, and faces up to 10 years in prison and a $50 million fine.
Federal Judge denies Binance Founder’s request to leave and CZ must stay in US until Sentencing.
CZ Must Stay in US: Legal Woes Ground Binance Founder as Sentence Looms
CZ, the prominent founder of the renowned cryptocurrency exchange Binance, is facing legal hurdles that prevent him from returning home. A federal judge in Seattle dealt a blow to his hopes of returning to the United Arab Emirates by denying his request to leave the United States while he awaits sentencing.
This decision came after CZ publicly acknowledged his failure to implement crucial anti-money laundering policies and his violation of US sanctions in November. To avoid the closure of Binance, CZ and his team negotiated an agreement with prosecutors. However, this deal came with substantial repercussions.
Binance Founder CZ Faces US Legal Storm: Imprisonment, Fine, and Uncertain Future
As part of the agreement, CZ must stay in US until his sentencing hearing. He also relinquished his position as CEO and now faces potential imprisonment of up to a decade, although it is expected to be significantly less, possibly around 18 months. Furthermore, he must pay a substantial fine of $50 million.
This recent ruling contradicts a prior decision by a lower-court judge who initially permitted CZ’s return home. However, the current ruling dictates that CZ must stay in the US until his legal situation is resolved. The ramifications of this decision are significant, both for CZ personally and for the future of Binance.
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