Sunday, 14 July 2024

Crypto News

US Judge denies Changpeng Zhao travel to UAE despite $4.5B Binance equity offer

US Judge denies Changpeng Zhao travel to UAE despite $4.5B Binance equity offer

  • CZ’s travel to UAE was denied by a US judge despite a $4.5B Binance equity offer.
  • Concerns over flight risk were cited due to Zhao’s substantial wealth and ties abroad.
  • Sentencing for CZ, facing 10-18 months in prison, is set for February.

Binance founder Changpeng ‘CZ’ Zhao faces a legal hurdle as a US federal judge rejects his request to travel to the UAE, despite offering $4.5 billion in Binance equity as security. The denial comes amid Zhao’s guilty plea to anti-money laundering charges and impending sentencing, adding complexity to his legal saga.

Changpeng ‘CZ’ Zhao was pleading to travel to the United Arab Emirates for a family emergency and had $4.5 billion in Binance US equity as security.

CZ’s flight risk concerns and sentencing

The rejection of Zhao’s travel request underscores concerns about potential flight risks. A federal judge in Seattle had previously ruled that Zhao must remain in the US pending his sentencing, citing his substantial wealth abroad and minimal ties to the United States.

Zhao’s sentencing, scheduled for February, could result in a 10 to 18-month prison term under federal sentencing guidelines. His guilty plea and resignation from the Binance US board also necessitated Binance’s exit from the US market and a hefty $4.3 billion penalty for anti-money laundering violations.

The denial to travel outside the US continues to compound Changpeng ‘CZ’ Zhao’s legal troubles. The decision underscores concerns about flight risks and adds complexity to Zhao’s legal saga, which includes a guilty plea to anti-money laundering charges and an impending sentencing. As Zhao navigates these challenges, the future of Binance and his standing in the cryptocurrency community remain uncertain.

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