Changpeng Zhao, Former Binance CEO, Temporarily Blocked From Leaving The US
The US Department of Justice has been partially successful in its bid to stop Changpeng Zhao, the former CEO and founder of Binance, from leaving the United States ahead of a trial scheduled for early next year.
As per Reuters, a federal judge has ruled that Zhao, who is commonly known as CZ, must stay in the country at least temporarily following his guilty plea last week to violating anti-money laundering laws. The hold is said to be temporary until the courts can properly determine whether his should stay should be required until his sentencing trial in February. CZ meanwhile is looking to leave the country to return to the United Arab Emirates, where he holds citizenship.
Zhao currently faces up to 18 months in prison following his guilty plea. Given his lack of ties to the United States, the DoJ was concerned that Zhao would not return to the United States to serve his sentence. The UAE meanwhile does not have an extradition agreement in place with the US.
Information for this story was found via Reuters and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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