- Binance CEO Changpeng ‘CZ’ Zhao has requested to travel out of the US.
- The DOJ still finds him a flight risk, again denying his request.
- The former Binance’s chief future looks bleak despite his compliance.
Former Binance CEO Changpeng ‘CZ’ Zhao is looking to travel out of the US back to his home in the UAE. However, the Department of Justice (DOJ) isn’t too keen on the notion as it looks to limit his freedom of movement due to concerns about potential evasion of sentencing.
In a hail-mary move, CZ has once again tried to request permission to travel back home, but things are looking murky for the former Binance chief as he potentially faces a 10-year prison sentence.
CZ Far from Home
In a sealed order on Friday, a US District Court once again rejected former Binance CEO Changpeng ‘CZ’ Zhao’s plea for “permission to travel” as he approaches sentencing for criminal charges in late February.
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This is the second time the court has shut down Zhao’s request for travel, despite Judge Richard Jones’ November order allowing him to return to his home in the United Arab Emirates before his sentencing.
Prosecutors representing the DOJ argue that CZ poses a flight risk, pointing to his advantageous position in his home base, emphasizing that his strong ties could facilitate a potential abscondment and challenging extradition.
The imposed constraints on the Binance chief’s mobility add to his mounting legal troubles, potentially rendering him powerless and isolated from ties that could support his already delicate situation.
Additionally, the lack of an extradition treaty between the United States and UAE introduces complexities to CZ’s defense strategy, necessitating adjustments to navigate the evolving legal landscape.
On the Flipside
- The Binance chief’s future looks uncertain despite him paying a $50 million fine.
- Despite his legal troubles, CZ’s net worth grew by almost $25 billion in 2023, according to the Bloomberg Billionaires Index, currently standing at $37 billion, making him the 35th richest person globally, according to the index.
Why This Matters
The court’s decision to limit CZ’s movements reflects the DOJ’s stern outlook on the case, notwithstanding the former Binance chief’s cooperation.
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