Judge accepts Binance CEO CZ’s guilty plea, with sentencing in Feb
A federal judge has accepted Binance founder Changpeng “CZ” Zhao’s guilty plea to money laundering but hasn’t decided whether he can leave the United States before his February sentencing date.
In a Dec. 6 filing to a Seattle District Court, Judge Richard Jones said he accepted Zhao’s guilty plea to one count of Bank Secrecy Act violations, which the Binance founder submitted over two weeks ago on Nov. 21 alongside his exchange’s $4.3 billion settlement with United States agencies.
Part of the settlement deal saw Zhao step down as CEO of Binance and pay $150 million to regulators.
“This Court, having considered the Report and Recommendation of the United States Magistrate Judge, to which there has no timely objection […] accepts the plea of guilty of the defendant,” Judge Jones wrote. “The defendant is adjudged guilty of such offense.”
Zhao is set to be sentenced on Feb. 23, 2024 and faces up to 18 months in prison. He’s currently released on a $175 million bond, which would have allowed him to return to the United Arab Emirates, where he resides.
However, federal prosecutors have objected to allowing Zhao to leave the U.S., saying they “would not be able to secure his return” if he decided not to return, as the UAE has no extradition treaty and Zhao could live there indefinitely on his wealth.
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“He has three young children and a partner in the UAE; once in the UAE and faced with the prospect of traveling back to the United States to face up to 18 months in prison, he may elect to instead simply stay in the UAE with his family,” prosecutors said.
Zhao has opposed the travel block, saying he “poses no risk of flight,” arguing he took responsibility for his actions by flying from the UAE to the United States.
On Nov. 27, Judge Jones ordered that Zhao not be permitted to travel to the UAE until a court ruled on a motion for review from the U.S. government.
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Conservative Party leader Kemi Badenoch has called on Sir Keir Starmer to sack Treasury minister Tulip Siddiq over allegations she lived in properties linked to allies of her aunt, Sheikh Hasina, the deposed prime minister of Bangladesh.
It comes after the current Bangladeshi leader, Muhammad Yunus, said London properties used by Ms Siddiq should be investigated.
He told the Sunday Times the properties should be handed back to his government if they were acquired through “plain robbery”.
Tory leader Ms Badenoch said: “It’s time for Keir Starmer to sack Tulip Siddiq.
“He appointed his personal friend as anti-corruption minister and she is accused herself of corruption.
“Now the government of Bangladesh is raising serious concerns about her links to the regime of Sheikh Hasina.”
Ms Siddiq insists she has “done nothing wrong”.
Her aunt was ousted from office in August following an uprising against her 20-year leadership and fled to India.
Ms Siddiq is also named with her aunt in Bangladesh court documents about meetings with the Russian government.
Tory leader Kemi Badenoch has called on Sir Keir to sack the minister
Read more from Sky News:
Ten Reform councillors quit in protest
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As economic secretary to the Treasury, Ms Siddiq is responsible for policy on both the City and tackling corruption.
She referred herself to the prime minister’s ethics watchdog on Monday following the reports about the properties.
On the same day, the prime minister said: “Tulip Siddiq has acted entirely properly by referring herself to the independent adviser, as she’s now done, and that’s why we brought into being the new code.
“It’s to allow ministers to ask the adviser to establish the facts, and yes, I’ve got confidence in her, and that’s the process that will now be happening.”
Kenya is preparing legislation to regulate cryptocurrencies with a draft proposal open for public feedback until Jan. 24.
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