Former Binance CEO Blocked from Traveling Ahead of Sentencing
Changpeng Zhao, the former CEO of Binance, has been denied permission to travel as his sentencing for criminal charges approaches. The U.S. District Court for the Western District of Washington in Seattle issued a sealed order on Friday, marking the second time limitations have been placed on Zhao’s movements. Previously, Judge Richard Jones ordered that Zhao’s request to return to his home in the United Arab Emirates be stayed until the court resolves the government’s motion for review. Prosecutors have expressed concerns about Zhao being a flight risk due to his wealth and the lack of an extradition treaty between the UAE and the U.S.
CZ’s Guilty Plea and Binance Settlement
Zhao pleaded guilty in November to violating the Bank Secrecy Act and causing a financial institution to violate it. He agreed to pay a $50 million fine. The U.S. Department of Justice settled a related case with Binance, resulting in a $4.3 billion fine for alleged money laundering, fraud, and sanctions violations. Despite his legal troubles, Zhao’s wealth has grown significantly and he is now ranked as the 35th richest person globally, with a net worth of over $37 billion according to the Bloomberg Billionaires Index.
About Author
Sarah is a reporter at The Block who covers policy, regulation, and legal developments. She has previously reported on securities regulation and has written for various finance-related publications. Sarah is based in Washington D.C. and can be followed on Twitter @ForTheWynn.
Hot Take: Former Binance CEO Blocked from Traveling Amidst Legal Troubles
Former Binance CEO Changpeng Zhao has been denied permission to travel as he awaits sentencing for criminal charges. This is the second time limitations have been placed on his movements, with concerns raised about him being a flight risk. Zhao had previously pleaded guilty to violating the Bank Secrecy Act and agreed to pay a $50 million fine. Binance, the crypto exchange he once led, also settled a case with the U.S. Department of Justice and will pay a $4.3 billion fine. Despite these legal troubles, Zhao’s wealth continues to grow significantly.
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