CZ Banned from Leaving the U.S Despite Agreeing to Pay 4.5 Billion USD

By AZC News | 3 hours ago

A federal judge rejects Changpeng Zhao's $4.5 billion bond request for travel to the UAE, compelling him to remain in the U.S. In light of a potential 10-year prison term, Zhao consents to refrain from appealing any sentence shorter than 18 months.CZ Banned from Leaving the U.S Despite Agreeing to Pay 4.5 Billion USD

Despite offering an unprecedented $4.5 billion bond, Changpeng Zhao, the former CEO of Binance, faces an obstacle in his attempt to leave the U.S. This comes in the aftermath of his admission of guilt to anti-money laundering charges, adding a significant chapter to the ongoing scrutiny of the cryptocurrency industry by authorities.

U.S. Authorities Bar Zhao's Departure Despite $4.5 Billion Binance Stake Proposal

Zhao, who relinquished his position at Binance in November 2023, has become embroiled in a complex legal situation with the U.S. justice system. His proposal to pledge his entire $4.5 billion stake in Binance.US in exchange for permission to travel to the United Arab Emirates was met with a firm denial from the U.S. District Court in Seattle. This denial underscores the gravity of the charges against him and the court's serious consideration of the case.

The ruling, outlined in a court filing by Judge Richard A. Jones of the Western District of Washington at Seattle, emphasizes the substantial financial offer made by Zhao in his bid for travel approval. Despite the magnitude of the bond, the court upheld its decision to confine Zhao within U.S. borders, citing the necessity to ensure his presence throughout the sentencing process scheduled for February 2024.

The court order states, "It is ordered that the condition permitting Defendant to return to the UAE pending sentencing is stayed until such time as this Court resolves the Government’s motion for review."

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