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.
Binance Founder Must Stay in U.S. until Sentencing
The career of Roger Fidler exemplifies a warning: Sometimes, you can predict the future but still fall victim to it. Three decades ago, Mr. Fidler was a media executive promoting a vision of the future for newspapers. The rise of digital technology would allow for news to be accessed on portable devices all day long, […]Read More
Roger Fidler has had a front-row seat to the digital revolution in the newspaper industry. Thirty years ago, he was advocating for the future of newspapers as portable digital devices that would offer multimedia content to readers. While his vision has largely come to fruition with people constantly online and engaged with news, traditional media […]Read More
President Biden will issue an executive order to restrict the sale of American data to China, Russia, and four other countries in an effort to protect sensitive information from being used for malicious purposes. The order aims to prevent personally identifying data, such as locations, health records, and genetics, from being obtained by these countries […]Read More