A recent ruling has again ordered the co-founder and former CEO of cryptocurrency exchange Binance, Changpeng Zhao (CZ), to remain in the US, according to information published by Bloomberg. The recent determination came as CZ awaits a sentencing hearing for violating banking laws in the country.
The decision by US District Judge Richard A. Jones came on December 29. The judge denied CZ’s request for permission to travel to the United Arab Emirates. The authorization requested by Changpeng Zhao came in response to the request to leave the country on bail.
According to the publication, CZ’s request was denied during a hearing in Seattle on December 29, however, both the reasons for the trip and the destination were kept confidential.
CZ is restricted from staying in the US
Changpeng Zhao faces legal restrictions in the United States. District Judge Richard Jones, aligned with the US Department of Justice, denied CZ’s request to leave the country and return to Abu Dhabi, where his family resides, earlier this month. CZ had requested permission to travel before his court date, but Judge Jones rejected the request, citing concerns about possible flight before sentencing.
The decision follows prosecutors’ arguments that CZ did not provide sufficient guarantees against the possibility of escape. Despite this, he agreed to a $175 million bond. Judge Jones expressed in the court document that although the bail amount is considerable, the assets that comprise it are largely beyond the reach of the US government.
The case against CZ and Binance centers on accusations by the US Department of Justice that the exchange failed to establish adequate anti-money laundering measures. Specifically, the indictment alleges a lack of rigor in know-your-customer (KYC) checks and other controls. This allowed Hamas-associated transactions to use the platform to launder money from illegal activities. Thus, adding up to more than 100,000 illegal transactions being carried out on Binance.
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Source: https://portalcripto.com.br/fundador-da-binance-permanecera-nos-eua-apos-juiz-negar-pedido-de-viagem/
