Changpeng Zhao, the founder and former CEO of cryptocurrency exchange Binance, has pled guilty to violating the Bank Secrecy Act and signed a bond agreement for $175 million. However, US federal prosecutors have motioned the court to prevent Zhao from leaving the country as they worry he will not return for his sentencing in February 2024. Zhao has three young children and a partner in the UAE, a country that does not have any extradition treaty with the US and most of his assets are located outside the US. Binance agreed to pay a $4.3 billion penalty and exited the US market, appointing a new CEO as part of the settlement. The exchange also continues to fight the Securities and Exchange Commission against 13 charges.



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