The US Court Continues to Deny CZ's Application to Return to the UAE

The US court continues to deny CZ’s application to return to the UAE

According to a new announcement published on the morning of December 30, the Western Washington District Court in Seattle (USA) denied the request to return to the UAE of former Binance CEO, Changpeng Zhao (CZ).

This is the second time the court has denied the Binance founder’s request to move, after the first time in early December. The court did not clearly state the reason when CZ asked to return to the UAE, other than wanting to reunite with his family, including “wife and 3 children”. Mr. Zhao has been in the US since late November until now.

Former Binance CEO Changpeng Zhao was blocked again from traveling as his sentencing for criminal charges approaches in late February. The U.S. District Court for the Western District of Washington in Seattle denied Zhao’s “request for permission to travel.” Prosecutors had…

— Wu Blockchain (@WuBlockchain) December 30, 2023

As reported by azc.news, CZ pleaded guilty in a US court to violating anti-money laundering regulations. He had to resign as CEO of Binance, was banned from holding management positions at the exchange for 3 years, and had to pay a fine of 50 million USD. He faces a sentence of 18 months to 10 years in prison, with sentencing expected at the end of February 2024.

This is part of the settlement agreement between Binance and the US government. Binance has agreed to pay $4.3 billion to end the investigation by the US Department of Justice. In addition, Binance is also banned from operating in the US market.

Although CZ’s bail application was approved with a guarantee value of up to 150 million USD, the US prosecutor proposed that the court keep CZ in US territory instead of returning him to the UAE where he currently resides residence. The reason is because the US is concerned that CZ may flee and not return to bear legal responsibility. The US does not have an extradition treaty with the UAE, and there is no way to freeze the Binance founder’s assets because they are largely outside US jurisdiction.

Despite facing many legal troubles in 2023, thanks to the recovery of the cryptocurrency market at the end of the year, Changpeng Zhao’s assets have increased to $25 billion. This has made the founder of Binance the 37th richest person in the world with a fortune of $36.2 billion, according to Bloomberg.

(100 votes)