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- Binance founder Changpeng Zhao will stay in the United Arab Emirates awaiting sentencing scheduled for next year.
- The court permitted Zhao’s stay after he pleaded, citing good faith shown through voluntary U.S. appearances.
- Zhao expressed a desire to close the chapter in his life, highlighting his clean record.
Binance founder Changpeng Zhao will be permitted to remain in the United Arab Emirates while awaiting sentencing scheduled for next year. The concession came after Zhao pleaded guilty to violating U.S. anti-money laundering laws, resulting in a $4.3 billion settlement and his resignation.
CZ will be allowed to live in the UAE while he awaits sentencing. It was a “very close call” as to whether he would be allowed to go back to the UAE. CZ had to speak himself to convince the court. CZ must return to the USA 14 days prior to his sentencing. The transcript extract…— BitMEX Research (@BitMEXResearch) November 21, 2023
The details of the court proceedings were revealed in a tweet by BitMEX Research, shedding light on the delicate balance that determined CZ’s temporary residence.
Addressing the court, he stated, “I want to close the issue and take responsibility to close this chapter in my life.” CZ emphasized his clean record, asserting that he had never been a criminal and had not previously faced legal proceedings.
During the court conversation, CZ conveyed his initial apprehension about the legal process, noting, “Before I came, I was a little bit scared. In most countries, you go to a country, you don’t know what’s gonna happen.” However, he expressed gratitude for the court’s thorough explanations and reassurances.
Most critically, Zhao affirmed having zero hesitation to fully comply with the case through to his sentencing date. The court admitted the matter presented a very close call. However, the court ultimately sided with permitting Zhao’s UAE stay, citing good faith demonstrated already through voluntary U.S. appearances.
The court also gave specific instructions on maintaining a designated residence and notifying his legal team of any changes.
The resignation of Binance’s CEO had repercussions not only on the exchange but also on the price of BNB. According to CoinGecko data, BNB plunged by 9.1% following the news of CZ’s departure and the charges against the exchange.
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