Binance and Former CEO Face Legal Reckoning Over Financial Violations
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Binance pleads guilty to money laundering and sanctions violations, agrees to pay $4.3B fine. Former CEO Changpeng Zhao pleads guilty to failure to prevent money laundering.
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Zhao faces up to 10 years in prison but expected to get 18 months under plea deal. Wants to leave U.S. before Feb. 23 sentencing to prepare family.
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Justice Dept. argues Zhao is flight risk with assets abroad and no U.S. extradition treaty with his home country, the UAE.
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On Tuesday, judge set bail allowing Zhao to leave U.S., against Justice Dept. wishes. DOJ now asking judge to reverse decision.
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Zhao stepping down as Binance CEO, to be replaced by Richard Teng. Zhao says he'll "take a break first" before sentencing.