Binance Founder's Legal Situation 📰 Changpeng Zhao, former CEO and founder of Binance, must stay in the US temporarily, as ruled by a federal judge on Monday.
Release on Bond 🔒 Zhao pleaded guilty to criminal charges related to the cryptocurrency exchange and was released on a $175 million bond. He initially had the freedom to return to the UAE, where he lives, due to the lack of a formal extradition treaty with the US.
Prosecutors' Request 🚫 However, prosecutors requested that he remain in the US before his February 23 sentencing, which the court has now mandated.
Defense's Argument 🤝 Zhao's lawyers argue that he came to the US voluntarily for his guilty plea and should be allowed to travel.
Resignation and Settlement 💼 Last week, Zhao resigned as CEO of Binance and pleaded guilty to violating anti-money laundering requirements, part of a $4.3 billion settlement with the Department of Justice.
Potential Sentence 🔒 The DOJ stated that Zhao could face anywhere from a few months to ten years in prison, with the possibility to appeal a sentence exceeding 18 months.
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