US Attorney's Office Calls for Stricter Travel Limits for Ex-Binance CEO Changpeng Zhao
Summary:
The U.S. Attorney’s office has asked for stricter travel limitations on former Binance CEO Changpeng "CZ" Zhao as part of his bail conditions. The office recommends him to confine his travel within the continental U.S. until his April 30 sentencing and surrender all valid and expired passports. CZ, who admitted guilt to a felony charge for a lapse in Binance's Anti-Money Laundering program, continues to face a civil lawsuit by the U.S. Securities and Exchange Commission. After CZ's departure, ex-head of regional markets at Binance, Richard Teng, stepped in as CEO.
The U.S. Attorney’s Office has petitioned for a federal judge to impose stricter travel conditions on ex-chief of Binance Changpeng "CZ" Zhao. This submission to the U.S. District Court for the Western District of Washington on Feb. 23 resulted in U.S. Attorney Tessa Gorman asking Magistrate Judge Brian Tsuchida to sanction a proposal outlining the terms of CZ's bail-related freedom. They advised Zhao to confine his movements to the continental U.S. until his April 30 sentencing hearing and ensure three days of prior notification for any travel plans, enabling the government to voice any issues.
The U.S. Attorney's office has also requested that CZ submits his Canadian passport, as well as "all other valid and expired passports and travel documents" to his legal counsel. Zhao, who also possesses United Arab Emirates citizenship, had requested travel approval to see family before sentencing, a motion which the judge turned down. The submission indicates a response from "Zhao’s lawyers opposing the motion as presented," indicating his attorneys might still attempt to negotiate for overseas travel permission. In Nov 2023, CZ admitted guilt to a felony charge for neglecting to establish a reliable Anti-Money Laundering regimen at Binance. He was released on a $175 million bond following the indictment filing.
Related: U.S. settlement preview offered to Binance VIP traders: ReportIn the aftermath of a $4.3 billion resolution between the cryptocurrency exchange and U.S. authorities, Zhao resigned as CEO of Binance. On Feb. 23, the imposed $1.8 billion penalty and $2.5 billion forfeiture were approved by Judge Richard Jones. However, CZ, along with Binance and Binance.US, continue to face a lawsuit filed in June 2023 by the U.S. Securities and Exchange Commission. "The ethics of the corporation were sacrificed for the sake of greed," stated Judge Jones in the Feb. 23 hearing.
Once CZ left, Richard Teng, the erstwhile head of regional markets at Binance, assumed the role of CEO. Binance's new leadership was labeled as "entirely distinct" compared to its operations six years ago by Teng, during a conversation with Cointelegraph in December 2023.
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Published At
2/24/2024 12:58:55 AM
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