No Dubai Return For CZ
According to a recent judgment issued by a federal judge, Changpeng Zhao (CZ), the former Binance CEO, is prohibited from leaving the United States until his sentence hearing. Judge Richard Jones rejected CZ’s request to travel out of America at a recent hearing at the United States District Court for the Western District of Washington in Seattle.
However, the court didn’t disclose the reasons CZ made this request to respect his privacy. CZ’s legal representation suggested that sensitive “medical information regarding Mr. Zhao’s child” was among the reasons for this travel request.
Furthermore, this verdict prolongs CZ’s stay within the US borders until the sentencing hearing ends.
This legal issue is made more complicated by the undisclosed medical problems regarding his child. In light of these urgent family concerns, CZ’s legal team will likely make another attempt to obtain authorization for his travel.
CZ’s Ongoing Trial
A directive was issued by Judge Jones on December 7 stating Zhao to remain in the United States, rejecting his request to travel outside the country. If CZ receives permission to travel and visit his family in Dubai, there have been speculations that he may not return to US soil.
CZ had pleaded guilty to a single felony offense with the US authorities, accepting a $4.3 billion accord. Based on the current schedule, the court will finalize the legal arrangement regarding CZ’s sentencing next month.
Legal experts opine that the court may sentence to a maximum of thirty-eight months in prison upon the conclusion of the proceedings. Hence, it is no surprise that the court worries that the Binance boss may not return to the country if it grants his travel request.
US Government’s Legal Actions Against Crypto Heavyweights
CZ will continue to be free under a bond of $175 million, but he will be required not to leave the United States. In a similar case, Alex Mashinsky, the former CEO of Celsius, was released on a bond of $40M despite being accused of customer fraud and deception.
Alterations have also been made to the legal landscape for other figures in the cryptocurrency industry. Following Bankman-Fried’s extradition to the United States, former FTX CEO Sam Bankman-Fried originally made his home in his parent’s residence in California.
However, his remand was imposed by a judge because of claims that were related to witness intimidation. Meanwhile, the medical information Zhao’s legal team gave is still a mystery.
According to reports, CZ and Yi He, a former talk show host and a co-founder of Binance, have three children together.
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