CZ Faces Setback as Travel Request is Denied
Changpeng Zhao, the former CEO of Binance, has been denied permission to travel internationally by U.S. District Judge Richard A. Jones. This ruling comes in the US v. Zhao case in the Western District of Washington, according to Bloomberg.
CZ’s Second Travel Request Denied
Zhao had previously submitted a guilty plea for violating U.S. laws and had sought permission from the court to travel while on bail. However, this was his second request that was denied by the court. The details of his intended travel and destination were kept confidential under seal.
Concerns about Flight Risk
The Department of Justice (DOJ) prosecutors expressed concerns about Zhao’s flight risk due to his significant assets and plans to travel to a country without an extradition treaty with the United States. Zhao attempted to alleviate these concerns by offering a $175 million bond, but it seems his situation remains tense.
Awaiting Sentencing
CFTC Chairman Rostin Behnam recently stated that Zhao could face jail time for his actions. Zhao’s legal troubles have been mounting, resulting in him losing his positions at Binance and Binance.US board chairmanship. The SEC has also accused Binance and Zhao of intentionally breaking U.S. laws. Zhao’s sentencing is scheduled for February, and the outcome will be crucial for his future.
Hot Take: CZ’s Legal Troubles Continue to Grow
Changpeng Zhao’s request for international travel has been denied once again, adding to his legal setbacks. With charges including violations of anti-money laundering laws and intentional breaking of U.S. laws, CZ’s situation remains uncertain. As he awaits sentencing in February, the outcome of his case will determine the potential prison sentence he may face. These legal challenges pose significant hurdles for the former Binance CEO and highlight the complexities faced by prominent figures in the crypto industry.
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