Crypto
Former Binance CEO Faces Travel Restrictions Amid Legal Battle
courtesy of bitcoinist.com
Prosecutors Request Court to Prohibit Former Binance CEO from Leaving the Country
The United States government has requested that the court impose travel restrictions on Changpeng "CZ" Zhao, the former CEO of Binance, citing an "unacceptable risk of flight." Prosecutors argue that Zhao's substantial financial holdings and close connections to the United Arab Emirates make it difficult to ensure his extradition.
US Prosecutors Highlight Zhao's Affiliations and Privileged Position
In a proposed order, US prosecutors presented evidence of Zhao's affiliations and privileged position in the UAE. They emphasized his substantial financial holdings and the absence of an extradition treaty between the UAE and the US, which could pose challenges in repatriating him.
Zhao's Legal Team Contests Travel Restrictions
Zhao and his legal team have submitted a formal document contesting the government's request to prohibit his return to the UAE while awaiting judgment. They argue that his wealth and foreign citizenship do not increase his ability to escape and have offered a sizeable bond as proof of his commitment to following the law.
Possible Sentencing and Impact on Cryptocurrency Market
If convicted, Zhao could face up to 18 months in prison and a fine of $50 million based on his plea deal. His legal team is advocating against imprisonment and proposing alternative sentencing options. The outcome of whether Zhao can remain in the US or return to the UAE until his sentencing will have significant implications for both his future and the cryptocurrency market.
Update on BNB Trading
Meanwhile, Binance Coin (BNB) is currently trading at $235, marking a slight decrease of -0.42% from the previous trading day.
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