Changpeng Zhao, also known as CZ, is a Chinese-born Canadian businessman who co-founded and was the former CEO of Binance, the world’s largest cryptocurrency exchange by trading volume.
He stepped down as the CEO in November 2023 after pleading guilty to money laundering charges in the US. He has a net worth estimated at $23 billion as of November 2023.
According to the U.S. Department of Justice (DOJ), Changpeng Zhao, the former CEO of Binance, is a “manageable flight risk” and should remain in the U.S. until his sentencing in February 2024. The DOJ argues that Zhao has strong ties and favored status in the UAE, where he lives with his family, and that the UAE does not have an extradition treaty with the U.S. The DOJ also claims that Zhao’s bond of $175 million is inadequate, as most of his wealth is held overseas and beyond the reach of the U.S. authorities.
Zhao pleaded guilty to money laundering charges in November 2023 and agreed to step down as the CEO of Binance and pay a $50 million fine. He requested to return to the UAE on a bond until his sentencing, but the DOJ opposed his request and filed a motion to review his bond conditions. A judge has not yet ruled on the motion.
The crypto community seems to easily be plagued with these kind of fines, last year they were chasing Do Kwon all over and now CZ.
