Ex-Binance CEO Changpeng Zhao Barred from Leaving U.S Ahead of Sentencing
Summary:
In recent developments, ex-Binance CEO Changpeng “CZ” Zhao has been denied permission by a federal judge to leave the U.S ahead of his sentencing. The reasons behind CZ's request involve alleged medical situations concerning his child. Subject to a $4.3 billion deal, Zhao pleaded guilty to a felony charge and may face up to 18 months in prison. Despite facing legal troubles, CZ's net worth reportedly increased by $25 billion in 2023. He is currently free on a $175 million bond, with travel restrictions confining him to the U.S. The exact medical information regarding his child, presented to the court, remains undisclosed.
Ex-Binance Chief, Changpeng “CZ” Zhao's petition to depart the United States in advance of his judicial sentencing has been negated by a federal judge. On December 29th, in a U.S District Court session in Seattle, Washington, Judge Richard Jones denied CZ's request for authorized international travel. The specifics for this repeated request were inaccessible to the public due to court sealing, yet it's speculated from CZ's legal representatives that it was regarding his child's health condition.
On December 7th, Judge Jones mandated that Zhao stay within the U.S borders after his initial travel request. The judge expressed concerns about the possibility of CZ becoming an escape risk if permitted to travel back to Dubai, where his family resides.
In a $4.3-billion agreement with Binance and U.S legal bodies, CZ consented guilty to a felony charge. His sentencing is slated for February, carrying the potential for an 18-month prison term.
In light of his ongoing legal complications, it was reported that Changpeng Zhao's net worth grew by $25B in 2023. According to the court's decree, CZ, who is secured by a $175 million bond, is prohibited from leaving the U.S. Alex Mashinsky, former CEO of Celsius who was seized in July over deceit and fraud allegations against users, was released on a $40 million bond.
Initially, ex-FTX CEO Sam Bankman-Fried was authorized to stay at his parent's residence in California post his 2022 U.S extradition. However, after charges of frightening witnesses were presented, he was ordered into custody.
What precise medical information CZ's legal team presented to the court remains vague. Zhao, who shares three children with ex-television presenter and Binance co-founder Yi He, has not yet revealed these details.
The U.S enforcement procedures against cryptocurrency-related unlawfulness are intensifying, as indicated by a recent magazine report.
Published At
12/29/2023 10:56:06 PM
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