Binance referral page12/19/2023 ![]() At Tuesday's hearing, Zhao's lawyers said he would remain in the Seattle area through Monday evening, and would be able to then return to the UAE, provided the district judge did not object to his agreement with the government, another DOJ spokesperson said. Reuters could not immediately ascertain his whereabouts on Wednesday. He has agreed to return to the United States 14 days before sentencing. Zhao paid a $175 million bail bond, with another $15 million held in a trust account, a court filing showed. "But we do reserve the right to seek a sentence above the guidelines." 23 sentencing hearing in Seattle, a Justice Department spokesperson said on Wednesday. Prosecutors will take a position on how much jail time to seek closer to Zhao's Feb. ![]() He faces a maximum prison sentence of 18 months under federal guidelines and has agreed not to appeal any sentence up to that length. ![]() Zhao, who resides in the United Arab Emirates (UAE), entered his plea in a Seattle court on Tuesday. While authorities have probed Zhao and Binance since at least 2018, Zhao's exit marks a dramatic development for one of the most powerful figures in the crypto industry. On Tuesday, he conceded "I made mistakes, and I must take responsibility." described as terrorist groups such as Palestinian militant group Hamas, and never reported transactions with websites dedicated to selling child sexual abuse materials.īinance did not immediately respond to a request for comment, but said on Tuesday it had worked hard to make Binance "safer and even more secure." Lawyers for Zhao did not respond to requests for comment on Wednesday. It failed to report more than 100,000 suspicious transactions, including with organizations the U.S. ![]() Still, the outflows were small relative to the more than $65 billion of assets that remain on Binance, Nansen said.Īs it strived for market dominance, Binance shunned key checks Zhao believed would turn customers off, authorities said. The ongoing civil lawsuit with the SEC remains a concern for the exchange, which (is) likely to result in further fines," wrote Robert Le, a crypto analyst at data firm PitchBook.ĭata from crypto analytics platform Nansen, which does not include bitcoin flows, signaled some investors had been rattled by the news, pulling $956 million from the exchange. "Binance is not entirely out of the woods. legal woes, with Securities and Exchange Commission charges alleging Binance broke U.S. Some analysts also noted that the deal was unlikely to end the exchange's U.S. ![]() It remained unclear on Wednesday how much jail time, if any, Zhao would ultimately serve, and how much influence he - as Binance's founder and major shareholder - could continue to exert on Binance under the terms of the settlement. Zhao has been replaced by Richard Teng, a senior Binance executive who joined in 2021, the company said. authorities, raises questions over the future of the world's largest crypto exchange and marks another blow for an industry beset by scandals. The deal, in which Binance will pay $4.3 billion to U.S. Investors pulled about $956 million from crypto exchange Binance over the past 24 hours, market data showed, after its chief, Changpeng Zhao, stepped down and faced prison time after pleading guilty on Tuesday to settle a years-long U.S. ![]()
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