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

A Seattle judge has ordered Canadian Changpeng Zhao, who pleaded guilty to criminal charges arising from the Binance cryptocurrency exchange, to remain in the United States, at least for now. Mr. Zhao has been seeking permission to travel to the United Arab Emirates, a country that granted him citizenship. He says that he will return to the U.S. for sentencing, but prosecutors say that he represents a flight risk.

The judge's decision is contained in a brief order handed down in federal court on Monday, Nov. 27. The order states that Mr. Zhao must remain in the United States until the court has had more time to consider the situation. The other conditions of Mr. Zhao's release, including a $175-million appearance bond, remain unchanged. (All figures are in U.S. dollars.)

Monday's order comes as part of a case in which Mr. Zhao pleaded guilty to charges arising from violations of the Bank Secrecy Act. Prosecutors claim 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 says.

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