Former Binance CEO Changpeng Zhao is blocked again from traveling
Quick Take
- In a sealed order on Friday, the U.S. District Court for the Western District of Washington in Seattle denied Zhao’s “request for permission to travel.”
Former Binance CEO Changpeng Zhao was blocked again from traveling as his sentencing for criminal charges approaches in late February.
In a sealed order on Friday, the U.S. District Court for the Western District of Washington in Seattle denied Zhao's "request for permission to travel."
This marks the second time the court has placed limitations on Zhao's movements. Judge Richard Jones ordered last month that a condition that would have allowed Zhao to return to his home in United Arab Emirates before his sentencing be "stayed until such time as this Court resolves the Government’s motion for review."
Prosecutors had warned that Zhao presented a flight risk, citing his wealth and noting that the UAE has no extradition treaty with the U.S.
CZ's guilty plea
Zhao pleaded guilty in a Seattle court in November to violating, and causing a financial institution to violate, the Bank Secrecy Act. He also agreed to pay a $50 million fine.
The U.S. Department of Justice settled a connected case with Binance last month, which probed into alleged money laundering, fraud and sanctions violations. The crypto exchange will pay a $4.3 billion fine, marking one of the largest corporate settlements in U.S. history.
Despite his legal troubles, Zhao's wealth grew rapidly by almost $25 billion in 2023, according to the Bloomberg Billionaires Index, and his wealth now stands at more than $37 billion, making him the 35th richest person globally, according to the index.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
