Binance’s Changpeng Zhao Plea Deal Approved by US Judge

• U.S. Judge Richard Jones has granted approval to Changpeng Zhao’s plea deal. 
• Zhao’s plea deal includes a substantial $4.3 billion settlement, with a $50 million penalty to be paid by the defendant. 
• New Binance CEO refused to disclose information about Binance in his first public interview.

A U.S. judge has granted approval to the negotiated plea deals between U.S. prosecutors, Binance Holdings, and its former chief, Changpeng Zhao.

According to court documents, on Wednesday, December 6, U.S. District Judge Richard Jones approved Zhao’s plea deal. 

“This Court, having considered the Report and Recommendation of the United States Magistrate Judge, to which there has been no timely objection … hereby accepts the plea of guilty of the defendant … the defendant is adjudged guilty of such offense,” said Judge Jones.

Judge Jones also instructed the defendant to appear in court for sentencing, scheduled for February 2024. Notably, the court filing did not specify whether Zhao would be allowed to leave the U.S. and return to the United Arab Emirates (UAE).

Initially granted permission to return to the UAE with the provision to come back to the U.S. 14 days before sentencing, the prosecutors argued that the U.S. might face challenges in extraditing Zhao from the UAE if he chose not to return voluntarily.

Moreover, Zhao’s plea deal involved a $4.3 billion settlement, including a $50 million penalty to be paid by the defendant himself. By pleading guilty to violating anti-money laundering regulations, Zhao could face a substantial prison sentence of up to 10 years. After Zhao stepped down as CEO, Binance’s Global Head of Regional Markets, Richard Teng, was appointed the new CEO. In his first public interview, the new CEO refused to share crucial and simple information about Binance, claiming that there’s no need for the information to be shared publicly.