This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.

Here is a sample of this item:

by Mike Caswell

U.S. federal prosecutors have asked a Seattle judge to keep Canadian Changpeng Zhao in the United States, saying that he represents a flight risk. Mr. Zhao recently pleaded guilty to criminal charges arising from the cryptocurrency exchange that he founded, Binance Holdings Ltd., and awaits sentencing. Prosecutors say that he has substantial wealth and, despite a $175-million appearance bond, may not return to the country for sentencing. (All figures are in U.S. dollars.)

The request from prosecutors comes after Mr. Zhao pleaded guilty in a Seattle federal court to charges arising from violations of the Bank Secrecy Act. Prosecutors say that he ran Binance, the world's largest cryptocurrency exchange, as it facilitated illegal transfers of money in and out of the United States. In particular, it allowed $898-million in trades between users in the U.S. and Iran, the government claims.

When Mr. Zhao pleaded guilty, the judge released him on a $175-million appearance bond, secured by $15-million in cash. In releasing Mr. Zhao, the judge did not impose any travel restrictions, only declaring that Mr. Zhao must return to the country 14 days before his sentencing. The judge also gave prosecutors a few days to make submissions on whether they would seek a review of the bond ruling, delaying the release order until the end of the business day on Nov. 27, 2023.

The remainder is available to Stockwatch subscribers.
Sign-up for a FREE 30-day Stockwatch subscription and SEE NO ADS