Changpeng Zhao�s request to return home to the United Arab Emirates prior to his February sentencing for criminal charges has been denied by a U.S. federal judge for the second time.
Changpeng Zhao�s request to return home to the United Arab Emirates prior to his February sentencing for criminal charges has been denied by a U.S. federal judge for the second time.
CZ Again Ordered To Stay In U.S.
Former Binance chief Changpeng �CZ� Zhao is still not allowed to leave the United States in the months leading up to his sentencing hearing following an order from a federal judge in Seattle.
In a Friday filing, U.S. District Judge Richard Jones rejected a motion from Zhao requesting permission to fly to the UAE where his three kids with former talk-show host and Binance co-founder Yi He live.
The grounds for the second motion were sealed and did not reveal in detail CZ�s argument against the judge�s repeated efforts to limit his movements. However, CZ�s attorneys hinted it concerned �medical information regarding Mr. Zhao�s child.�
The Dec. 29 ruling marks the second time CZ has been barred from traveling to the UAE. Judge Richard Jones earlier this month agreed with U.S. prosecutors that Zhao�s massive wealth overseas and the lack of an extradition treaty between the U.S. and the UAE presented too great of a flight risk.�
The Chinese-Canadian crypto mogul pleaded guilty to breaking the Bank Secrecy Act in November and stepped down as CEO of Binance, the world�s biggest digital asset exchange by trading volume. The exchange itself reached a $4.3 billion settlement tied to sanctions and money transmission violations.
After pleading guilty, the court approved CZ�s release on a hefty $175 million personal recognizance bond. The 45-year-old billionaire posted $15 million held in a trust account and had three guarantors pledge over $5 million in collateral to secure the bond.
As per the order, the embattled Zhao remains free but is forbidden from leaving the U.S. pending his fate. It�s pertinent to mention that CZ�s fortune has skyrocketed by approximately $25 billion in 2023 despite the legal turbulence. As ZyCrypto reported, his $37 billion net worth primarily comes from his controlling stake in Binance.
