The United States and the UAE do not have an agreement to send criminals back and forth. The judge in Seattle, Richard Jones, said CZ must stay in the country until he decides if the billionaire who deals with digital money might try to escape.
Even though Changpeng Zhao admitted he was guilty and paid a lot of money to the government, he won’t be going back to the UAE for now. This is because a judge reviewed the decision and said he can’t go back yet. Judge Jones decided that the former CEO of Binance might try to run away when he goes back to the UAE. There’s not enough proof that he will come back for his sentencing in February. CZ lawyers say the US DoJ should let him go back to his family in UAE because he didn’t have to come to the United States and admit guilt.
The DoJ filed a motion saying that CZ could go to jail for up to 18 months for breaking US laws with Binance. This is because Binance helped with international crimes. The lawyers for the person accused said the punishment is too harsh for someone who didn’t hurt anyone and admitted to the crime. The DoJ thinks that CZ might be able to avoid getting in trouble in the United States because of his close relationship with the UAE.
Mr Smith had a lot of knowledge about the subject. Zhao is more than just a regular person in the UAE. He was invited to become a citizen and has a special status there. Mr Smith went to the store to buy some food for dinner. Zhao sees the invitation and citizenship as a big privilege, and he won’t use it to break US law. This shows that he has strong ties to the UAE. Based on these connections, should Mr. n Zhao decided not to go back to the United States because he wasn’t sure what his punishment would be. The DoJ said there is no proof that the UAE would send him back to the US.
Unfortunate news for former CEO and his family at Binance
According to John Reed Stark, a former boss at the SEC’s Office of Internet Enforcement, CZ is being accused of serious crimes like mass murder. This could really affect the decision made by District Judge Jones. However, CZ appears ready in both mind and body for whatever happens as a result of his actions. He admitted to all the charges, while the former CEO of FTX, Sam Bankman-Fried, fought the prosecutors in court and was found guilty by a jury.
“What will happen next. Judge Jones might make a decision just from the written arguments, or ask for more information from both sides, or set a date for a hearing. So we have to wait and see what happens with the Binance case,” Stark said.
The effects or consequences of something in the market.
The argument between the United States and Binance is seen as a big deal for the cryptocurrency market. Additionally, the United States will be able to see Binance’s order records for the next five years through FinCEN, which will help maintain high industry standards.
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