US Judge Denies CZ’s Request to Travel
Changpeng “CZ” Zhao, the former CEO of Binance, has faced a setback in his legal battle in the United States. A federal judge named Richard Jones declined Zhao’s second request to travel outside the country. This decision was made as part of the processes leading up to Zhao’s sentencing.
Flight Risk Concerns
Judge Jones had previously ordered Zhao to stay in the US on December 7, and the recent judgment on December 29 upheld that order. The concerns that Zhao may be a flight risk, as he pled guilty to one count of felony in a $4.3 billion arrangement with Binance and US authorities, influenced this decision. Zhao himself signed the agreement and faces a maximum penalty of eighteen months in jail.
Confidential Reasons for Travel Application
The court has sealed the reasons behind Zhao’s second travel application, keeping them confidential from the public. However, it has been reported that the motion was related to medical information concerning Zhao’s child. It is alleged that Zhao is the father of three children with Yi He, co-founder of Binance, who currently reside in Dubai where Zhao also has a residence. The specifics of his case remain unknown due to the confidential nature of the verdict.
Zhao Remains Free on Bail
Despite his guilty plea, Zhao is currently out on bail of $175 million but is prohibited from leaving the United States after his conviction. This situation is reminiscent of Alex Mashinsky, former CEO of Celsius, who was arrested for alleged deception and fraud but is now free on a $40 million bail.
Hot Take: CZ Faces Travel Restrictions Amid Legal Battle
Changpeng “CZ” Zhao’s legal struggle in the US takes another turn as a federal judge denies his request to travel outside the country. Concerns of him being a flight risk, given his guilty plea in a multi-billion dollar case involving Binance, have influenced the judge’s decision. The reasons behind Zhao’s travel application remain confidential, although it is believed to be related to his child’s medical information. As his sentencing approaches, Zhao remains on bail but is prohibited from leaving the US. This situation is reminiscent of other high-profile crypto figures facing legal issues.
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