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12/8/2023, 12:51 PM (Source: TeleTrader)
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Ex-Binance CEO ordered to await sentencing in US

The former CEO of Binance Holdings Ltd. Changpeng Zhao (CZ) must stay in the United States while waiting to be sentenced after pleading guilty to money laundering charges. Washington District Court Judge Richard Jones said Zhao "has enormous wealth and property abroad, and no ties to the United States" and has not provided sufficient evidence that he will not "flee" to the United Arab Emirates.

Jones issued a similar ruling in late November, banning him from leaving the US while the court resolves Department of Justice's motion to keep him in the US until sentencing. According to the New York Times, Zhao "has recently split his time between Paris and Dubai" and had his bail set in the US at $175 million, including $15 million in cash in November. The judge said the bail amount is "significant" but argued that it is "inadequate to ensure his return when considering the vast resources and assets at his disposal."

Baha Breaking News (BBN) / DJ