Binance founder and former CEO, <a href="https://www.cryptoknowmics.com/news/crypto-twitter-spreads-unsubstantiated-rumours-about-binance-ceo-changpeng-zhao/">Changpeng Zhao</a>, must remain in the United States until his sentencing scheduled for February, as ruled by a US federal judge on Thursday. This decision overturned Zhao's prior bail agreement, permitting him to visit his UAE residency but mandating his return to the US two weeks before sentencing.

The ruling followed Zhao's recent guilty plea for violating the Bank Secrecy Act. The plea resulted in a $175 million bond agreement, with Zhao already securing $15 million in an escrow account and finding guarantors for the remaining funds.
<h2>Zhao's Bail Risk: Wealth and Extradition Treaty Absence</h2>
[embed]https://twitter.com/JohnReedStark/status/1732952379991982565[/embed]

While the initial bail allowed Zhao to leave temporarily, federal prosecutors expressed concerns about his flight risk, citing the absence of an extradition treaty with the UAE. Given Zhao's considerable wealth and assets outside US jurisdiction, recovering bail proceeds posed a challenge.

The judge acknowledged Zhao's justifications but emphasized the significant wealth and absence of an extradition treaty. Zhao, facing a potential 18-month sentence, could serve around 10 months. Binance, under Zhao's leadership, settled with US prosecutors for $4.3 billion and an additional $2.85 billion with the commodities regulator, while still contending with the Securities and Exchange Commission.

Ex-Binance CEO Deemed 'Flight Risk,' Must Stay in the US

Legal twist! Former Binance CEO labeled a 'flight risk,' mandated to remain in the US until sentencing. Explore the unfolding developments. ⚖️🔍 #Binance

Sonakshi is into the crypto world ever since she heard about it and is pursuing her interest through Cryptoknowmics. She is a sensational poet, technical writer and content strategist.

Ex-Binance CEO Deemed 'Flight Risk,' Must Stay in the US

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