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TAIPEI, Dec. 8, 2023 /PRNewswire/ -- Binance, the global blockchain ecosystem behind the largest cryptocurrency exchange by trading volume, is pleased to announce that it is the official Gold Sponsor of Taipei Blockchain Week 2023. This community-hosted event has been highly anticipated, and will bring together over 5000 individuals within the crypto, blockchain and Web3 industry from Taiwan and beyond.

This year, Binance will participate in this exciting conference in a number of ways, including a virtual fireside chat featuring its CEO Richard Tengon December 14. This will be Richard's first appearance in a large-scale Web3 summit in Asia since his appointment as CEO of Binance in November 2023. A wide range of important topics will be discussed, including Binance's key priorities moving forward, the key landscape in Asia Pacific and globally, as well as his future outlook on the crypto and Web3 industry.

Damien Ho, from Binance's Global Partnerships team, will also be participating in a panel discussion on December 15 alongside other industry players. The panel discussion will explore a comprehensive set of topics, including the importance of collaborations within the industry to advance the space further.

Join Binance for a vibrant conference exploring how blockchain and crypto can empower the next billion people around the globe in below sessions:

Participants can also visit Binance's booth to chat with community members and enjoy a number of great activities with souvenirs and swag available.

The 5-day conference will take place in Songshan Cultural & Creative Park from December 11-16 and is expected to gather thousands of Web3 enthusiasts, veterans and experts worldwide to exchange and explore the latest industry trends and development with the aim of bridging Taiwan's Web3 community with the global crypto community.

About Binance.com

Binance is the world's leading blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by millions worldwide, the Binance platform is dedicated to increasing the freedom of money for users, and features an unmatched portfolio of crypto products and offerings.

For more information, visit: https://www.binance.com

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Binance is the Official Gold Sponsor of Taipei Blockchain Week 2023 - PR Newswire

Legal December 7, 2023, 4:25PM EST Published 1 minute earlier on

Binance, the world's largest crypto exchange, decided not to pursue a license to operate a collective investment fund in Abu Dhabi, according to a report.

Binance's entity in the UAE, called BV Investment Management, withdrew the application it filed last November with Abu Dhabi's Financial Services Regulatory Authority. The application was withdrawn on Nov. 7, according to the regulator's website.

"When assessing our global licensing needs, we decided this application was not necessary," a Binance spokesperson told Reuters, adding that the move was unrelated to the firm's recent settlement with the U.S. government over allegations of breaking anti-money laundering rules.

In November, Binance and its now-former CEO Changpeng Zhao pleaded guilty and agreed to pay$4.3 billion in fines to the U.S. regulators. Zhao stepped down as CEO, and Binance agreed to appoint anindependent monitor for five years, "whose mandate will include review and assessment of Binances sanctions compliance program."

A year ago, Binance secured a Financial Services Permissionin Abu Dhabi, which allowed it to provide crypto custody to professional clients, under certain conditions.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Binance withdraws application to manage Abu Dhabi investment fund: report - The Block - Crypto News

Changpeng Zhao, the Founder and former CEO of Binance, must stay in the United States until his sentencing is scheduled in February, a US federal judge ruled on Thursday. This decision overruled Zhao's previous bail agreement that would have allowed him to visit his UAE residency but requires him to return to the US two weeks before his sentencing.

The ruling came only a day after the court accepted Zhao's guilty plea for violating one count of Bank Secrecy Act violation.

Zhao entered the guilty plea last month and consecutively signed a $175 million bond agreement. He already put up about $15 million in an escrow account and found guarantors for the additional funds.

Although the initial bail agreement permitted him to leave the United States temporarily, the federal protestors raised concerns to the court about Zhao's potential as a flight risk. They pointed out that the US does not have an extradition treaty in place with the UAE, and if Zhao decided not to return for the sentencing, they could not force him to return. Also, most of his assets are outside the US jurisdiction, so it would be challenging to recover the bail proceeds.

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"The defendant has articulated justifications that in most cases would cause the government's motion to be denied," the judge wrote in the latest ruling. "However, a critical feature of the government's motion is the extent of the defendant's enormous wealth and absence of an extradition treaty with the UAE."

"In addition, the defendant's family resides in the UAE, and there is no indication he has any other ties to the United States. While the defendant has indicated he will be asking for a lesser sentence, the government has indicated it may be asking for as much as 18 months of incarceration. Consequently, the defendant is not facing an insignificant sentence."

The judge further highlighted that although Zhao could go behind bars for a maximum period of 18 months, he might only face a prison time of 10 months. The sentencing for anti-money laundering violations can be up to 20 years without a plea agreement.

Zhao founded Binance in 2017 and led the exchange until recently, making it the largest crypto exchange globally in terms of trading volume. Binance also settled with the US federal prosecutors, paying $4.3 billion, and shelled out an extra $2.85 billion to settle the charges brought by the US commodities regulator. It is still battling with the Securities and Exchange Commission.

Changpeng Zhao, the Founder and former CEO of Binance, must stay in the United States until his sentencing is scheduled in February, a US federal judge ruled on Thursday. This decision overruled Zhao's previous bail agreement that would have allowed him to visit his UAE residency but requires him to return to the US two weeks before his sentencing.

The ruling came only a day after the court accepted Zhao's guilty plea for violating one count of Bank Secrecy Act violation.

Zhao entered the guilty plea last month and consecutively signed a $175 million bond agreement. He already put up about $15 million in an escrow account and found guarantors for the additional funds.

Although the initial bail agreement permitted him to leave the United States temporarily, the federal protestors raised concerns to the court about Zhao's potential as a flight risk. They pointed out that the US does not have an extradition treaty in place with the UAE, and if Zhao decided not to return for the sentencing, they could not force him to return. Also, most of his assets are outside the US jurisdiction, so it would be challenging to recover the bail proceeds.

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"The defendant has articulated justifications that in most cases would cause the government's motion to be denied," the judge wrote in the latest ruling. "However, a critical feature of the government's motion is the extent of the defendant's enormous wealth and absence of an extradition treaty with the UAE."

"In addition, the defendant's family resides in the UAE, and there is no indication he has any other ties to the United States. While the defendant has indicated he will be asking for a lesser sentence, the government has indicated it may be asking for as much as 18 months of incarceration. Consequently, the defendant is not facing an insignificant sentence."

The judge further highlighted that although Zhao could go behind bars for a maximum period of 18 months, he might only face a prison time of 10 months. The sentencing for anti-money laundering violations can be up to 20 years without a plea agreement.

Zhao founded Binance in 2017 and led the exchange until recently, making it the largest crypto exchange globally in terms of trading volume. Binance also settled with the US federal prosecutors, paying $4.3 billion, and shelled out an extra $2.85 billion to settle the charges brought by the US commodities regulator. It is still battling with the Securities and Exchange Commission.

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Ex-CEO of Binance 'Is a Flight Risk': Must Stay in the US until Sentencing - Finance Magnates

Changpeng Zhao must remain in the U.S. until his sentencing | Credit: Getty Images

Key Takeaways

On November 21, CZ Zhao, ex-CEO of Binance, entered a guilty plea for not upholding an adequate anti-money laundering program at Binance. As part of the settlement with the Department of Justice (DOJ), he paid a $50 million fine and resigned from his role as the exchanges CEO.

Released on a $175 million personal recognizance bond, CZ had to stay in the U.S. until a federal judge reviewed and approved or denied the conditions of his bond before being allowed to return to his residence in the UAE.

On December 9, a federal judge ruled that Changpeng Zhao must remain in the U.S. until his sentencing on criminal charges related to anti-money laundering violations.

The recent ruling contradicts a prior decision by a magistrate judge that had granted Zhao permission to go back to the United Arab Emirates. U.S. District Judge Richard Jones recognized the unusual circumstance of overturning a magistrate judges pre-sentencing decision but was persuaded by the Justice Departments argument that Zhao presented a risk of fleeing.

Jones also pointed out that although Zhaos $175 million bond is substantial, perhaps even unprecedented, his significant wealth as the founder of Binance raised concerns that he might opt to forfeit the bond to ensure his release.

The governments fear is supported by its belief that the vast majority of the defendants wealth is held overseas and the belief that he has access to hundreds of millions of dollars in accessible cryptocurrency.

Zhao faces a potential 18-month prison term on money laundering charges related to accusations that Binance overlooked criminal transactions on its platforms.

In a groundbreaking settlement last month, Binance agreed to pay over $4.3 billion, marking one of the largest corporate fines in U.S. history, with Zhao also committing to a personal payment of $50 million.

The case has spotlighted Zhaos intricate international standing. Despite being a Canadian citizen since relocating at the age of 12, Zhao has severed ties with Canada.

Judge Jones referenced an unverified Justice Department report about the UAE offering Zhao citizenship, a nation lacking an extradition treaty with the U.S., heightening concerns about his flight risk. Additionally, Jones underscored Zhaos multibillionaire status and noted his familys residency in the UAE.

Despite these complexities, Judge Jones clarified that Zhao didnt pose a threat to the public and granted him the liberty to remain free until his February sentencing, with the condition that he stays within the continental U.S.

As Zhao anticipates his sentencing on U.S. soil, this development marks another pivotal moment in the ongoing narrative of the cryptocurrency industry, grappling with legal uncertainties.

The repercussions of Changpeng Zhao, also known as CZ, grappling with legal issues related to money laundering have created uncertainty for Binance, a major cryptocurrency exchange. As the founder and former CEO, CZs prominent position in the cryptocurrency industry suggests that his recent legal challenges could have extensive consequences.

The impact on Binances day-to-day operations and the overall cryptocurrency market is evident. CZs absence raises concerns about potential difficulties in decision-making and a leadership void within the exchange. In the cryptocurrency community, apprehensions persist regarding Binances future trajectory and the potential spillover effects on the industry.

Experts in the cryptocurrency field are closely monitoring these unfolding events. The effects of CZs legal predicament on Binances reputation and the dynamics of the market are under continuous analysis, with potential implications for the broader digital asset landscape.

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Former Binance CEO Changpeng Zhao Flight Risk? Ordered to Stay in US as Judge Reverses Decision - CCN.com