Current:Home > ScamsEx-Binance CEO Changpeng Zhao asks judge to let him leave U.S. before sentencing for money laundering-InfoLens
Ex-Binance CEO Changpeng Zhao asks judge to let him leave U.S. before sentencing for money laundering
View Date:2024-12-23 14:41:10
Attorneys for former Binance CEO Changpeng Zhao are asking a federal judge to permit the founder of the cryptocurrency trading platform to return to his home in the United Arab Emirates before he is sentenced in the U.S. after pleading guilty to money laundering earlier this week.
Zhao, who stepped down from Binance as part of a $4.3 billion settlement with the Department of Justice, faces up to 10 years in prison. A separate ruling from a magistrate gave Zhao the OK to travel home, but DOJ prosecutors are now urging U.S. District Judge Richard Jones to bar Zhao from leaving.
Lawyers representing Zhao, who holds dual citizenship in Canada and the UAE, filed a motion on Thursday in the Western District of Washington in Seattle, saying that he doesn't represent a flight risk and noting that he willingly appeared in court to plead guilty to the charges.
"The fact that Mr. Zhao's home and his family are in the UAE does not make him a flight risk, and preventing him from returning to them would be punitive," they said in the legal filing. "His family has recently grown, as he and his partner welcomed their third child a few months ago. Allowing Mr. Zhao to remain in the UAE will, in turn, allow him to take care of his family and prepare them for his return to the U.S. for sentencing."
A spokesperson for the Justice Department didn't immediately respond to a request for comment. Jones is expected to rules on Zhao's request by Monday.
Binance, the world's largest crypto exchange, has been under investigation by federal regulators and law enforcement agencies, including the Commodities Futures Trading Commission. Under a settlement with the government, company officials admitted this week that they failed to prevent money laundering on the platform and operated illegally in the U.S., permitting traders in nations currently facing U.S. sanctions, such as Iran, to engage in business deals with Americans.
Federal investigators alleged that Binance, which processes billions of dollars in trades, illegally profited by allowing "darknet" actors and ransomware hackers to operate on the platform and did not properly screen for other illicit services.
Zhao admitted to knowingly disregarding certain filtration processes for bad actors on his platform and failing to file suspicious activity reports with regulators, according to court documents filed Tuesday.
- In:
- Cryptocurrency
Khristopher J. Brooks is a reporter for CBS MoneyWatch. He previously worked as a reporter for the Omaha World-Herald, Newsday and the Florida Times-Union. His reporting primarily focuses on the U.S. housing market, the business of sports and bankruptcy.
TwitterveryGood! (7411)
Related
- Megan Fox Is Pregnant, Expecting Baby With Machine Gun Kelly
- Almost 20 Years Ago, a Mid-Career Psychiatrist Started Thinking About Climate Anxiety and Mental Health
- Why Chappell Roan Scolded VIP Section During Her Outside Lands Concert
- Confrontational. Defensive. Unnecessary. Deion Sanders' act is wearing thin.
- One person is dead after a shooting at Tuskegee University
- Millions of campaign dollars aimed at tilting school voucher battle are flowing into state races
- Geomagnetic storm fuels more auroras, warnings of potential disruptions
- Saturday Night Live’s Bowen Yang Says One Host Was So Rude Multiple Cast Members Cried
- NFL overreactions: New York Jets, Dallas Cowboys going nowhere after Week 10
- ‘J6 praying grandma’ avoids prison time and gets 6 months home confinement in Capitol riot case
Ranking
- 1 dead, 2 children injured in wrong-way crash; driver suspected of DWI: Reports
- Montana State University President Waded Cruzado announces retirement
- Ford, Mazda warn owners to stop driving older vehicles with dangerous Takata air bag inflators
- Don’t Miss Target’s Home Sale: Enjoy Up to 50% off Including a Keurig for $49 & More Deals Starting at $4
- Bev Priestman fired as Canada women’s soccer coach after review of Olympic drone scandal
- Jordan Chiles medal inquiry: USA Gymnastics says arbitration panel won’t reconsider decision
- Will the attacks on Walz’s military service stick like they did to Kerry 20 years ago?
- Ex-Cornell student sentenced to 21 months for making antisemitic threats
Recommendation
-
Bears fire offensive coordinator Shane Waldron amid stretch of 23 drives without a TD
-
An ex-Kansas police chief who led a raid on a newspaper is charged with obstruction of justice
-
Hoda Kotb Shares Outlook on Her Dating Life Moving Forward
-
New metal detectors delay students’ first day of school in one South Florida district
-
NFL power rankings Week 11: Steelers, Eagles enjoying stealthy rises
-
Geomagnetic storm fuels more auroras, warnings of potential disruptions
-
A Full Breakdown of Jordan Chiles and Ana Barbosu's Olympic Controversy That Caused the World to Flip
-
Chick-fil-A's Banana Pudding Milkshake is returning for the first time in over a decade