A U.S. district judge in Seattle has accepted the guilty plea of former Binance chief executive Changpeng Zhao (CZ) in connection with anti-money-laundering violations. The Block reports, citing court records.
A decision on whether Zhao may leave the United States prior to sentencing, scheduled for February 23, 2024, has not yet been made.
Last month, CZ pleaded guilty to violations of sanctions and anti-money-laundering laws. Binance will pay $4.3 billion as part of a settlement with the U.S. Department of Justice. Zhao also agreed to pay a $50 million fine and stepped down as CEO of the exchange.
He stepped down from the post of chairman of the Binance.US board, while retaining purely economic interests in the unit.
Earlier, Zhao posted a $175 million bail to remain at large, but prosecutors, fearing his flight, oppose this possibility. The final decision is due to be made in mid-December.
The entrepreneur faces up to ten years’ imprisonment.