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An important development occurred in the ongoing case between the US and former Binance CEO Changpeng Zhao in Washington’s Western District. According to Bloomberg, Zhao’s request for international travel was denied by US District Judge Richard A. Jones.
Zhao’s Second Travel Request Denied
Zhao, who was found guilty of violating US laws in November of this year, had previously been released on bail and had requested permission from the court to travel to the United Arab Emirates to be with his family. However, the court had not approved Zhao’s request. Indeed, the cryptocurrency billionaire’s second travel request was also denied. Zhao’s travel plan and destination were recorded in the Seattle court but kept confidential.
The denial of the travel permit followed a decision by a magistrate judge who had previously allowed Zhao to make a short trip to the United Arab Emirates. This permission was later revoked for Zhao’s planned sentencing hearing in February.
Bloomberg’s report indicated that Department of Justice (DOJ) prosecutors were concerned about Zhao’s risk of flight. This concern was based on his considerable assets and his desire to travel to the United Arab Emirates, a country with no extradition treaty with the US. Zhao tried to alleviate these concerns by offering a $175 million bail, including $15 million in cash, but to no avail.
Former Binance CEO Could Face Prison Time
Zhao’s legal troubles with US institutions are escalating. Accusations, including violations of anti-money laundering laws, have cost Zhao his CEO position at Binance and chairmanship of Binance.US, with statements emerging about a potential prison sentence. CFTC Chairman Rostin Behnam recently stated in an interview that Zhao could face prison time as a consequence of his actions.
This month, the SEC also accused Binance and Zhao of knowingly violating US laws in the ongoing case. These accusations follow a $4.3 billion settlement with the DOJ, indicating complex legal challenges for both Zhao and Binance.
Zhao is considered to be facing up to 18 months in prison depending on the case’s conditions, and the sentencing hearing scheduled for February 2024 is of great importance in determining his punishment.
