Once Again, Former Binance CEO Changpeng Zhao is Denied Travel Authorization

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Last Updated on December 30, 2023 by Bitfinsider

Travel restrictions were reinstated once more on former Binance CEO Changpeng Zhao in late February, as his sentencing for criminal charges draws near.

The U.S. District Court for the Western District of Washington in Seattle denied Zhao’s “request for permission to travel” in a sealed order dated Friday.

This signifies the court’s imposition of movement restrictions on Zhao for the second time. A condition that would have permitted Zhao to return to his residence in the United Arab Emirates prior to his sentencing was stayed “until this Court resolves the Government’s motion for review,” as ordered by Judge Richard Jones last month.

Prosecutors had issued a flight risk advisory for Zhao, citing his considerable fortune and the absence of an extradition treaty between the United Arab Emirates and the United States.

November saw Zhao’s pleading guilty in a Seattle court to charges of violating the Bank Secrecy Act and causing a financial institution to do so. In addition, he consented to a sanction of $50 million.

A month ago, the U.S. Department of Justice and Binance reached a settlement in a case involving alleged money laundering, fraud, and sanctions violations. A $4.3 billion punishment will be paid by the cryptocurrency exchange, one of the most substantial corporate settlements in the history of the United States.

Zhao’s wealth increased substantially by nearly $25 billion in 2023, notwithstanding his legal issues, as reported by the Bloomberg Billionaires Index. Presently, his wealth exceeds $37 billion, positioning him as the 35th wealthiest individual worldwide, as per the index.

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