CZ’s Lengthened Stay in the US
The United States, mandated by US District Judge Richard Jones, has directed Binance founder Changpeng Zhao (CZ) to extend his stay an extra six months before returning to his home in the United Arab Emirates (UAE). CZ, who has no connections to the US, significant fortune and assets outside of the country and family residing in the UAE, must comply with this exceptional case as determined by the court.
You may travel anywhere in the US and have family visits as part of the bond terms, and need to dispel doubt about his intention to flee the UAE in the court’s judgment. If you do so, there may be unexpected twists in the case.
Judge’s Response, CZ is a Flight Risk?
Judge Jones is convinced that CZ is a genuine flight risk given his opulent lifestyle and unique citizenship granted in a non-extraditing jurisdiction. The judge and the administration view his offenses as mass murder, terrorism, and mayhem, particularly as CEO of Binance. As part of Binance’s plea deal with the US Treasury and FinCEN, they paid a historic $4.3 billion fine, the largest ever. The massive fine reflects the numerous transactions, high management involvement, and the egregious nature of Binance’s conduct.
Stark’s Reality Check on CZ’s Actions
Binance failed to disclose illicit activities and transactions to prevent ransomware attackers, terrorists, and money launderers from engaging on its platform. Furthermore, the company must disclose over 100,000 suspicious transactions encompassing fraudulent activity, child sexual exploitation material, scams, and terrorist organizations. As CZ is on bail, the court awaits his sentence hearing that may lead to an 18-month prison term in February.
Hot Take
CZ’s legal and regulatory disputes may force a reconsideration on whether he will be allowed to return to his family in the UAE.
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