Former Binance CEO CZ Blocked from Traveling as Sentencing Approaches
Changpeng Zhao, also known as CZ, the former CEO of Binance, has been prohibited from traveling as his criminal sentencing date in late February draws near.
Travel Restrictions Imposed on CZ
Judge Richard Jones of the U.S. District Court for the Western District of Washington in Seattle issued a sealed order denying CZ’s request to travel. Although he was granted $175 million in bail, CZ is not allowed to leave the United States due to travel restrictions.
Motion to Seal Documents
CZ and his defense team have sought to seal documents related to his travel outside the U.S., citing the inclusion of private and sensitive medical information about one of his children. The goal is to protect the confidentiality of personal details.
Second Instance of Movement Restriction
This sealed order marks the second time that the court has restricted CZ’s movements. Last month, Judge Richard Jones ordered that CZ’s return to his home in the United Arab Emirates be postponed until the court resolves the government’s motion for review. Concerns about CZ being a flight risk were raised by prosecutors due to his wealth and the lack of an extradition treaty between the UAE and the U.S.
CZ’s Growing Wealth Despite Legal Troubles
Despite facing legal challenges, CZ’s wealth has grown significantly in 2023. According to the Bloomberg Billionaires Index, his wealth has increased by nearly $25 billion. He now has a net worth exceeding $37 billion, making him the 35th richest person globally.
Hot Take: Binance CEO CZ Faces Travel Restrictions Ahead of Sentencing
Former Binance CEO Changpeng Zhao, known as CZ, has been barred from traveling as his sentencing for criminal charges approaches. Despite his legal troubles, CZ’s wealth has continued to surge, exceeding $37 billion. This development adds to the ongoing saga surrounding Binance and its former CEO, who has pleaded guilty to violating banking laws and causing the exchange to do the same. As CZ awaits sentencing, travel restrictions have been imposed on him due to concerns about him being a flight risk. With his net worth skyrocketing, CZ’s future remains uncertain as he awaits the outcome of his legal proceedings.
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