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Former Binance CEO CZ Barred from Leaving US (For Now)

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Mon, 27/11/2023 - 19:45
Former Binance CEO CZ Barred from Leaving US (For Now)
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Former Binance CEO Changpeng Zhao, known as CZ, has been ordered by a US District Court to remain in the United States for now before a decision on this matter is reached. This comes amid ongoing legal proceedings concerning CZ's involvement in money laundering activities.

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A legal battle intensifies

Earlier, CZ's attorneys requested permission for him to return to the United Arab Emirates (UAE) before his sentencing.

However, this motion was challenged by the Department of Justice (DOJ), leading to the most recent ruling. 

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The executive's legal team argued that he does not pose a flight risk, citing his voluntary appearance in court and his established family life in the UAE. 

Still, the DOJ remains concerned about the possibility of Zhao not returning to the US for his sentencing, especially given the UAE's uncertain extradition policies.

Will CZ face jail time?  

As reported by U.Today, Zhao, who recently stepped down from his role at Binance following a $4.3 billion settlement with the DOJ, faces a potential prison sentence of up to 10 years.

However, various indications suggest a lighter outcome. Zhao's lack of criminal record and the Justice Department's apparent willingness for a settlement, as seen in similar past cases, point toward a possible arrangement. Such an arrangement might involve probation or house arrest rather than significant jail time. 

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