Binance Founder Changpeng Zhao Must Stay in U.S. for Sentencing, Judge Rules

Binance founder Changpeng Zhao, also known as CZ, has been barred from leaving the United States before his criminal sentencing due to his "enormous wealth" and lack of ties to the country, according to a federal judge. The ruling overturns a previous decision that allowed Zhao to travel to his home in the United Arab Emirates. Zhao pleaded guilty to violating federal money laundering rules, and Binance itself pleaded guilty to related charges and agreed to pay over $4.3 billion in financial penalties. Prosecutors argued that there was no guarantee Zhao would return to the U.S., as the UAE has no extradition treaty with the country and most of his wealth is held overseas.