CZ Ordered Again Not To Travel Outside The US – Report
Binance co-founder and former CEO Changpeng “CZ” Zhao has been ordered for the second time to stay put in the United States, according to the latest report. This decision comes as the former executive awaits his sentencing hearing for violating banking laws in the US.
Judge Denies CZ’s Request to Travel
In a ruling on Friday, December 29, US District Judge Richard A. Jones denied the motion from Changpeng Zhao asking for permission to travel to the United Arab Emirates (UAE), where his family resides. The former Binance CEO had requested clearance to leave the country while on bail.
CZ’s Resignation and Guilty Plea
In November, CZ stepped down as the chief executive of Binance as part of a $4.3 billion settlement between the exchange and the United States Department of Justice (DOJ). He also pleaded guilty to violating the Bank Secrecy Act in the US.
Previous Travel Restriction
This is not the first time CZ has been blocked from leaving the US. In a previous ruling on December 7, Judge Jones ordered him to stay in the country following his guilty plea.
Reasons for CZ’s Travel Request
The precise reasons for CZ’s second request to travel were not revealed as they were filed under seal. However, his legal team suggested that it involved sensitive private medical information regarding his child.
Possible Prison Sentence
CZ may remain in the United States until after his sentencing, scheduled for February 2024. He could face up to 18 months in prison, with some speculating a longer sentence.
Former Binance CEO’s Net Worth Increases
Despite his travel restrictions, CZ’s net worth has seen a significant increase in 2023. His estimated fortune has skyrocketed by roughly $25 billion, primarily due to his controlling stake in Binance.
CZ’s Current Status
CZ is currently free in the US on a $175 million bond, with $15 million cash held in trust.
Hot Take: CZ Faces Travel Restrictions and Growing Wealth
Former Binance CEO Changpeng Zhao continues to face travel restrictions as he awaits sentencing for violating banking laws. However, his net worth has experienced a substantial increase in 2023, reaching over $37 billion. Despite the legal challenges, CZ remains a prominent figure in the cryptocurrency industry.
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