- January 1, 2024
- Posted by: [email protected]
- Category:
Changpeng Zhao, the former CEO of Binance, often known as CZ, is once again prevented from traveling as his sentencing for criminal charges looms in late February. On December 29, Judge Richard Jones of the U.S. District Court for the Western District of Washington in Seattle issued a sealed order, denying Zhao’s “request for permission to travel.” Despite being granted $175 million in bail, CZ is constrained by travel restrictions, barring him from leaving the United States until the conclusion of the legal proceedings.
While the specific details of the motion are not publicly disclosed, CZ and his defense team have sought to seal documents related to his travel outside the U.S. They argue that these documents contain private and sensitive medical information concerning one of Zhao’s children, justifying the sealing request to protect personal details’ confidentiality.
This sealed order marks the second instance of the court restricting Zhao’s movements. In the previous month, Judge Richard Jones ordered the stay of a condition allowing Zhao to return to his home in the United Arab Emirates until the court resolves the government’s motion for review. Prosecutors expressed concerns about Zhao being a flight risk, emphasizing his wealth and the absence of an extradition treaty between the UAE and the U.S.
The specific medical information provided under seal in Zhao’s case remains undisclosed. CZ, known to have three children with Yi He, a former talk show host and Binance co-founder, is entangled in a complex legal situation stemming from a comprehensive investigation involving Binance.
On November 21, CZ was charged with failing to maintain an acceptable anti-money laundering (AML) program at Binance. Following the charges, he pleaded guilty in a Seattle court to violating the Bank Secrecy Act and causing Binance to violate it, agreeing to pay a $50 million fine as part of a plea agreement. The U.S. Department of Justice settled a related case with Binance, resulting in a $4.3 billion fine for alleged money laundering, fraud, and sanctions violations.
Despite legal challenges, Zhao’s wealth has reportedly surged in 2023, increasing by almost $25 billion, according to the Bloomberg Billionaires Index. His wealth now surpasses $37 billion, ranking him as the 35th richest person globally. CZ is scheduled to be sentenced on February 23, 2024, facing a potential maximum prison sentence of 18 months based on the ongoing legal proceedings.
