Just In: Changpeng Zhao’s Legal Battles Intensify; Court Blocks International Travel
Changpeng Zhao, the former CEO of Binance, faces another setback as his request for international travel was denied by U.S. District Judge Richard A. Jones on Friday.
Bloomberg reported on the ruling in the US v. Zhao case registered in the Western District of Washington.
CZ’s second plea denied
Zhao, who submitted a guilty plea in November for US law violations, had previously sought the court’s permission to travel while on bail. This was his second request to the court that was denied.
Specifics of Zhao’s intended travel and destination were filed in the Seattle court but kept confidential under seal.
This refusal to grant travel permission comes after an earlier decision by a magistrate judge that allowed Zhao a short trip to the United Arab Emirates. It was later revoked for Zhao’s scheduled sentencing in February.
The report indicated that the Department of Justice (DOJ) prosecutors were worried about Zhao’s flight risk. Particularly due to his considerable assets and plans to travel to a nation that does not have an extradition treaty with the United States.
Seeking to ease these concerns, Zhao even offered a $175 million bond, with $15 million in cash escrowed. However, now the gravity of Zhao’s situation seems tense.
Former chief awaits sentencing
CFTC Chairman Rostin Behnam recently noted in an interview that Zhao could face jail time as a consequence of his actions.
Zhao’s legal troubles with authorities have been mounting. The charges, which included violations of anti-money laundering laws, cost CZ his CEO position at Binance and Binance.US board chairmanship this year.
This month, the SEC also accused Binance and Changpeng Zhao of breaking US laws on purpose. This accusation follows their $4.3 billion settlement with the DOJ, showing the complicated legal challenges for the crypto mogul.
Meanwhile, CZ reportedly faces a potential prison sentence of up to 18 months, depending on the circumstances of the case. And the coming months are important for determining the outcome of Zhao’s sentencing, scheduled for February.
Also Read: Binance, Ex-CEO Zhao Charged with Deliberate US Law Flouts
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