It has been revealed that the former Binance CEO CZ, cannot leave the US until February 2024. Check out the latest reports about the matter below.
Binance former CEO cannot leave the country until next year
A judge has made a ruling that Changpeng Zhao, the former CEO of Binance, is a flight risk and cannot leave the US until he is sentenced in February.
Magistrate Judge Brian Tsuchida issued the ruling in a recent court filing, siding with the prosecution who argued that Zhao’s wealth and citizenship in countries without extradition laws with the US, such as the United Arab Emirates (UAE), made him a flight risk.
The ruling states that Zhao may not return to the UAE, but all other bail conditions will remain unchanged.
“As relief, the government requests that Mr. Zhao be required to remain in the continental United States in the period between his plea and sentencing. After reviewing the parties’ briefs, the relevant case law, and the record, the Court finds that oral argument is unnecessary.”
However, Judge Tsuchida notes that Zhao was not barred from leaving the country based on his citizenship alone, according to the latest reports coming from the online publication the Daily Hodl.
“To be clear, the Court is not making this determination upon the defendant’s alienage or citizenship. The Court recognizes that although a defendant may be from a different country that alone does not point conclusively to a determination that a defendant poses a serious risk of flight. It is the combined facts of the defendant’s circumstances that pose the risk of nonappearance.”
Last month, Zhao admitted guilt to not maintaining sufficient anti-money laundering protocols and resigned from his position as CEO of Binance.
The crypto exchange agreed to pay a huge fine of $4.3 billion to the Department of Justice.
In November, Zhao requested permission to return to the UAE, citing his lack of criminal history, no violent crimes, prior guilty plea, and bail payment. Initially, the judge ruled in Zhao’s favor.
