Binance's Changpeng Zhao may face travel restrictions amid settlement with US Justice Department
Summary:
Binance's Changpeng “CZ” Zhao, amid a US Department of Justice settlement, may be denied permission to leave the US while awaiting his verdict. In the settlement, Zhao admitted to a felony charge and stepped down as CEO, also agreeing to a $150 million surrender to authorities. This allowed the cryptocurrency platform to skirt additional penalties at a cost of roughly $4.3 billion in fines. This news is unfolding and will be updated as information becomes available.
As a result of a settlement with the U.S Department of Justice in which he accepted culpability for a single felony charge linked to the cryptocurrency platform, Binance, Changpeng “CZ” Zhao's permission to step out of the country as he awaits his verdict might just be denied. This information is based on a formal statement made on the 27th of November in the U.S District Court, Western District of Washington, Seattle, by the presiding Judge Richard Jones, who temporarily postponed the decision of a magistrate judge that would have facilitated CZ's relocation back to the United Arab Emirates (UAE), where his immediate family and home are.
The court order specified that CZ's travel to the UAE would be postponed until a motion from the U.S. government concerning the matter was decided upon by the court. As part of an agreement with the U.S. Department of Justice, Zhao divested his position as the CEO of Binance on the 21st of November. This was after he admitted to a felony charge and concurred to a forfeit of $150 million to authorities.
The settlement provided a work-around for the cryptocurrency exchange to steer clear of extra punitive measures at a cost of approximately $4.3 billion in fines. Moreover, this news is still ongoing, hence more data will be provided as it surfaces.
Published At
11/27/2023 7:33:50 PM
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