Key Reason Why Former Binance CEO CZ Can't Leave US

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Fri, 12/08/2023 - 18:03
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Changpeng Zhao, the billionaire founder of Binance, is facing restrictions on his international movement due to his substantial wealth. U.S. District Judge Richard Jones has barred Zhao from leaving the United States until his criminal sentencing, scheduled for Feb. 23. 

This ruling, overturning a previous decision that allowed Zhao, also known as CZ, to return to his home in the United Arab Emirates, stems from the judge's concern over Zhao's "enormous wealth and property abroad" and his lack of ties to the United States.

A contentious legal battle 

As reported by U.Today, CZ's attorneys argued that he is not a flight risk, citing his voluntary court appearances and family life in the UAE. 

However, these assertions have been met with skepticism by the Department of Justice, which emphasized Zhao's potential unwillingness to return to the U.S. for sentencing given the UAE's extradition policies. 

This standoff has led to Zhao's current confinement within U.S. borders.

As reported by U.Today, Zhao recently resigned as the CEO of Binance and pleaded guilty to U.S. anti-money laundering law violations. Meanwhile, Binance agreed to fork out a $4 billion fine. 

CZ's social media musings 

Meanwhile, CZ is keeping it real on Twitter even as he faces serious legal challenges. In one of one of his recent posts, In his latest tweets, he took a trip down memory lane by reminiscing about the big leap he took into Bitcoin ten years ago. However, he advised newbies against taking such risks with Bitcoin. 

At the same time, CZ is seemingly embracing new learning opportunities with founders.  

Despite his plea deal, the Binance founder is not out of the woods just yet. As reported by U.Today, he could face up to 10 years behind bars.