Days after pleading guilty to federal charges, a U.S. court compels Binance founder Changpeng Zhao to remain in the U.S. until his prison sentencing.
A court order released on Monday forbids the former Binance CEO from returning to his home on the United Arab Emirates before his sentencing hearing on Feb. 23.
Prosecutors said allowing Zhao "from returning to the safe haven of the UAE" may present risks as the UAE does not have a formal extradition treaty with the U.S.
Zhao's lawyers previously filed a petition to a court in Seattle to reverse his bail conditions after the billionaire pleaded guilty for violating U.S. anti-money laundering and sanctions laws.
Zhao was released on a bond last week for $175 million.
Charges Against Zhao and Binance
Zhao and Binance, the largest cryptocurrency in the market, pleaded guilty to money laundering charges last week.
The crypto entrepreneur agreed to pay a $50 million settlement with the Department of Justice and to step down from his position as CEO. Binance itself received a $4.3 billion fine.
Zhao and Binance are guilty of unlicensed money-transmitting business, violating the International Emergency Economic Powers Act, and a conspiracy charge.
U.S. Attorney General Merrick Garland said the company "pretended to comply" with the federal law, failing to report over 100,000 transactions with criminal groups on its platform.
The cryptocurrency commerce has been under the department's tracking since 2018.
It was earlier reported that terrorist groups like Hamas, al Qaeda, and the Islamic State of Iraq and Syria are using Binance to move its money abroad.
The Justice Department is aiming to serve an 18-month prison time to Zhao.
Related Article : French Investors Hit Binance With A $2.4 Million Fraud Lawsuit
Changpeng Zhao Current Status
Zhao remains in the US as his legal team persuades the federal court to allow him to take flight outside the US.
The Binance founder previously said to continue investments in blockchain, AI, or biotech firms but will not lead a tech start-up anymore.
Zhao, who is worth $10.2 billion, retains a considerable stake in Binance.
