Changpeng Zhao, the founder and former CEO of Binance, the world’s largest cryptocurrency exchange, has been ordered by a US federal judge to remain in the United States until his sentencing in February. The judge ruled in favor of the prosecution, who argued that there was a risk Zhao would flee if allowed to return to his home in the United Arab Emirates (UAE), as there is no extradition treaty between the US and the UAE. Zhao’s lawyers argued that he was not a flight risk and that he had voluntarily come to the US to cooperate with authorities. Zhao pleaded guilty to charges as part of a $4 billion settlement with federal regulators, which also led to his resignation as CEO of Binance. The settlement was made with multiple regulatory bodies, including the Justice Department and the Commodity Futures Trading Commission, who claimed that Binance had allowed illegal activities and failed to prevent money laundering. The settlement is part of a broader crackdown on cryptocurrency exchanges, with other exchanges such as Coinbase and Kraken also facing lawsuits. In addition to the charges against Zhao and Binance, authorities have alleged misuse of customer funds and diversion of funds to other entities controlled by Zhao.

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Information	Details
Geography	Middle East
Countries	🇺🇸 🇦🇪 🇨🇦
Sentiment	negative
Relevance Score	1
People	Changpeng Zhao
Companies	Justice Department, Binance, Commodity Futures Trading Commission, United States Securities and Exchange Commission, Treasury Department
Currencies	Canadian Dollar, Bitcoin, Aeternity, BNB, US Dollar
Securities	None