November 28th, citing the latest court documents, the US Department of Justice does not want to detain CZ before the verdict and stated that CZ's "flight risk is controllable."

In documents submitted on November 24th, US prosecutors indicated that they may seek a statutory maximum sentence of 10 years in prison for former Binance CEO Zhao Changpeng (CZ), which could exceed the sentencing guidelines. The documents were submitted in response to CZ's motion to oppose the US government's detention of him. The prosecutors stated that the upper limit of the sentencing guidelines could be as high as 18 months, and the US could freely assert any statutory maximum sentence of up to 10 years. Former head of the SEC Enforcement Division, John Reed Stark, stated that this is the first time that prosecutors have explicitly and clearly stated that they may seek a maximum sentence of 10 years. A DOJ lawyer supporting the detention of CZ stated that the punishment he faces in sentencing is undoubtedly significant to him, which "helps to reasonably restrict" him.

A document on Thursday stated that Binance founder Zhao Changpeng "does not have the risk of absconding" and should be allowed to return to the United Arab Emirates. This modified document refutes a document from the US Department of Justice, which stated that Zhao should not have left the United States before his sentencing in February after admitting to a charge of violating bank secrecy laws. Zhao's lawyer argued that Mr. Zhao's arrival in the United States to plead his case has already proved that he is not at risk of absconding. The document stated that Judge Brian Tsuchida, who is responsible for the case, has agreed that Zhao's appearance was convincing from the beginning.

As shown on the X (formerly Twitter) page, the account of Binance founder CZ has now been restored to normal. CZ has changed the name of the X account from the previous CZ Binance to the current CZ BNB, and the blue V certification mark has disappeared. The previous "warning: this account is temporarily restricted" may have been caused by the name change.

Documents show that US prosecutors have requested a federal judge to prevent Binance founder Zhao Changpeng from returning to the UAE before sentencing. The US Department of Justice has requested that the federal court require Zhao to stay on US soil during his guilty plea and sentencing hearings. <br>

Binance founder Changpeng “CZ” Zhao posted a $175 million bond with a condition he returns to the U.S. two weeks before his sentencing.

Zhao Changpeng, founder and former CEO of Binance, has been released on bail after paying a personal guarantee of $175 million. According to court documents, Zhao Changpeng will deposit $15 million into a DWT trust account and agree to have the funds confiscated if he violates the terms of his release. He has also found two guarantors who have promised to provide $250,000 and $100,000 respectively. The sentencing hearing is scheduled for 9:00 am Pacific Time on February 23, 2024.

Binance Holdings Limited and its CEO Zhao Changpeng have admitted to committing money laundering and violating US sanctions, and have reached a comprehensive settlement agreement with the United States, allowing the cryptocurrency exchange to continue operating. In addition, Zhao Changpeng faces a maximum of 10 years in prison, but under the plea agreement, it is expected that the sentence will not exceed 18 months, which seems to spare him from the severe punishment faced by other famous cryptocurrency criminals. The US Department of Justice has not yet made a final decision on his imprisonment, and defense lawyers said in court that sentencing will be postponed for six months.

Richard Teng, the new CEO of Binance, stated on X platform that the former CEO Zhao Changpeng is still a major shareholder of Binance. Binance is stronger than ever before and hopes to work with partners to promote growth and adopt Web3.

Reuters reported that prosecutors in charge of this case stated that Binance has agreed to pay a criminal fine of approximately $1.81 billion to the United States for the trading platform and will pay it within 15 months after being sentenced. In addition, Binance has agreed to forfeit $2.51 billion in assets. CZ has also agreed to pay a fine of $50 million to the CFTC.