Changpeng Zhao, Binance founder, must remain in the United States as he waits to be sentenced for violating federal money-laundering rules. Mr. Zhao, also known as CZ, pleaded guilty to the charge last month as part of a settlement of investigations into Binance. He faces up to 18 months in prison. A judge ruled on Thursday that Mr. Zhao, despite his enormous wealth and property abroad, is a serious flight risk. Binance also pleaded guilty to money-laundering violations and agreed to pay $4.3 billion to the U.S. government. The exchange admitted to allowing various bad actors to conduct transactions on the platform, including terrorist groups like Hamas and Al Qaeda. Mr. Zhao’s fate remains undecided, as he faces a potential stiffer penalty from the Justice Department. His bail was set at $175 million, secured by $15 million in cash, but the judge ruled that it is inadequate to ensure his return considering his vast resources and assets.
