Binance's $4.3 billion fine settled, Zhao Changpeng awaits sentencing at the end of April and remains unable to leave the country.
The U.S. court has approved Binance's plea agreement, in which Binance will pay a record $4.3 billion fine for settlement. However, founder Changpeng Zhao still needs to remain in the U.S. awaiting sentencing at the end of April, with the U.S. Attorney's Office also requesting the surrender of his passport and imposing additional travel restrictions.
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Binance Fined $4.3 Billion Settlement Approved
According to a report by Bloomberg, a judge has approved Binance's plea agreement, requiring the exchange to pay $4.3 billion, marking one of the largest criminal penalties in U.S. history.
Last Friday at a sentencing hearing in Seattle, U.S. District Judge Richard Jones stated:
This is indeed a case where a company's ethics have been compromised by greed!
As part of the deal, the company's compliance will be overseen by an independent monitor for a period of five years. While the monitoring firm has not yet been designated, reports suggest that the New York-based law firm Sullivan & Cromwell is in contention for this coveted role.
U.S. Prosecutors Seek CZ's Surrender of Passport
In December 2023, a U.S. federal judge, upon reviewing a bail order, decided to prevent Binance founder Changpeng Zhao (CZ) from leaving the country, requiring him to remain within U.S. borders until sentencing. In mid-February, the court postponed the sentencing to April 30.
According to Cointelegraph, the U.S. Attorney's Office has requested the federal judge to approve additional travel restrictions on Zhao, asking him to surrender his Canadian passport and "all other valid and expired passports and travel documents" to his legal team, with a three-day advance notice before any travel, to allow the government to respond.
Zhao's legal team has filed a written motion against this request. Zhao had sought permission to travel to the UAE to visit family before sentencing, which was denied by the judge. His legal team may continue to seek ways for him to leave the U.S. before the sentencing.