Judge Denies Binance Ex-CEO Changpeng Zhao From Exiting US

The ex-CEO of Binance, a popular crypto exchange platform, is not allowed to leave the U.S. until his sentencing in February. This decision is based on the charges of breaking U.S. laws against money laundering, a federal judge said on Monday.

The former Binance leader, who goes by “CZ” among crypto fans, admitted his guilt last week for helping illegal money transfers and hiding them from banks and other financial entities. CZ resigned from his position as CEO of Binance after making a deal with U.S. authorities to end a long-running investigation by the Justice Department into the company’s adherence to financial rules.

After CZ’s confession, both his lawyers and federal prosecutors presented their arguments about whether CZ should be able to leave the U.S. before his sentencing. CZ has citizenship in the United Arab Emirates. His lawyers asked that he be permitted to go back to the UAE while he waits for his sentencing.

However, the latest ruling has stopped CZ from exiting the U.S. until his sentencing. This is a continuation of the recent $4.3 billion settlement by Binance.