The judge revoked the previous decision to allow Zhao to leave the USA, despite the "unprecedentedly high" bail amount. Founder of the Binance exchange, Changpeng Zhao, will not be able to return to Dubai until the verdict is reached in the USA on criminal charges, reports Reuters, citing the federal judge's decision in Seattle.
District Judge Richard Jones rejected Zhao's request to return to the UAE after the founder of Binance pleaded guilty in November. The former head of the world's largest cryptocurrency exchange and his company admitted to violating anti-money laundering policies and US sanctions within a global agreement with prosecutors, allowing the exchange to continue its operations.
Zhao, who stepped down as the head of Binance as part of a plea deal, could face a prison sentence of up to 10 years, but it is expected that his punishment will not exceed 18 months. He has also agreed to pay a fine of $50 million.
The judge revoked the previous decision of a magistrate judge, allowing Zhao to return to the UAE on bail of $175 million.
US federal prosecutors believe there is a "significant risk" that Zhao will not return to the USA. They point to his "substantial assets," close ties to the UAE, and the absence of an extradition treaty with the USA.
