CZ of
Binance Gets
Four Months
Prison After
Guilty Plea
OKed But
Release to UAE
Stayed
by
Matthew Russell Lee, Patreon Book
Substack
FEDERAL COURT,
April 30 – After Changpeng
Zhao or CZ of Binance pled
guilty to money laundering and
sanctions violations, a
Federal Magistrate ruled that
he could travel back to the
United Arab Emirates until his
sentencing in February
2024.
The US Attorney's
Office said it would appeal to
the assigned District Judge,
and on November 22 it did. It
notes that
"the United
States has no extradition
treaty with the UAE. If Zhao
decided he would not return
for his sentencing, the
government would not be able
to secure his return..
Zhao is a multi-billionaire.
The government believes that
the vast majority of that
wealth is held overseas and
Zhao is believed to have
hundreds of millions of
dollars in accessible
cryptocurrency. Zhao could
live on that wealth in the UAE
indefinitely." Full memo on
Patreon
here.
Two people, still
undisclosed, have agreed to
forfeit property if CZ were to
not return.
On December 6,
while still leaving in place a
stay of the Magistrate Judge's
order which would allow CZ to
go to the UAE until
sentencing, Chief Judge
Richard A. Jones approved the
guilty plea and confirmed the
sentencing date.
And on April 30,
2024, CZ was sentenced to four
months in prison.
Order on Patreon
here.
But what about
the UAE - and the suretors'
ID? We'll have more on this.
***
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