Binance Founder Ordered to Stay in U.S. Until Sentencing
The founder of Binance, Changpeng “CZ” Zhao, has been ordered by a federal judge to remain in the United States until his sentencing in February. The judge made this decision based on concerns that Zhao would not return if allowed to travel to the United Arab Emirates (UAE), where his family resides.
On November 21, Zhao pleaded guilty to money laundering and could face up to 18 months in prison. In a court order issued on December 7, Judge Richard Jones stated that Zhao’s substantial wealth and property abroad, along with his lack of ties to the U.S., made it unlikely that he would come back if he left the country.
Judge Agrees with Prosecutors’ Concerns
Judge Jones concurred with federal prosecutors who argued that they would not be able to ensure Zhao’s return if he went to the UAE. They pointed out that he has favored status in the country and strong ties there due to his family’s residency.
In light of these circumstances, Judge Jones concluded that Zhao had not provided clear and convincing evidence that he would not flee if allowed to return to the UAE. Therefore, the court granted the government’s motion, requiring Zhao to remain in the continental United States between his plea and sentencing.
Hot Take: Binance Founder Faces Travel Restrictions Amidst Legal Battle
Binance founder Changpeng “CZ” Zhao has been prohibited from leaving the United States until his sentencing in February. This decision comes after Zhao pleaded guilty to money laundering charges. With concerns about his ties to the UAE and potential flight risk, a federal judge ruled that he must stay within U.S. borders.
This travel restriction highlights the significant legal battle facing the Binance founder and the potential consequences he may face. It also underscores the challenges faced by individuals involved in the cryptocurrency industry, as regulators and law enforcement agencies worldwide increase their scrutiny of this rapidly evolving sector.
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