- The United Arab Emirates and the United States do not have an extradition pact.
- On February 23, 2024, CZ will be sentenced, and he might get more than a year in jail.
According to a court petition made by federal prosecutors on Wednesday, Changpeng Zhao (CZ), the former CEO of Binance, cannot be permitted to leave the U.S. until his February sentencing on one allegation of infringing the Bank Secrecy Act.
Along with Binance’s guilty plea to numerous criminal and civil charges related to the company’s failure to implement sufficient KYC and anti-money laundering procedures, Zhao also tendered his resignation from the cryptocurrency exchange on Tuesday. The $4.3 billion in penalties that Binance has agreed to pay are among the highest business fines in U.S. DOJ history.
The prosecution said in a petition submitted on Wednesday that Zhao, a citizen of the UAE, had “minimal ties to the U.S.” and hence may not return if granted departure.
They emphasized that they were not requesting that he be detained before to sentence but rather that he be ordered to stay in the United States. On February 23, 2024, he will be sentenced, and he might get more than a year in jail and pay a fine.
No Extradition Pact With UAE
After posting a $15 million trust fund deposit, signing a $175M personal recognizance bond, and securing additional guarantor money, Zhao is now free to depart the United States in accordance with the conditions of his bond arrangement.
Prosecutors argued in a petition on Wednesday that this is not enough. Most of Zhao’s assets are located outside the nation, so they would be unable to guarantee the $175M bond without his return.
However, they also claim that Zhao is rich enough to repay the remaining money without difficulty should he decide to do so. The United Arab Emirates and the United States do not have an extradition pact, as highlighted by the prosecutors.
Highlighted Crypto News Today:
