The most recent information is that Changpeng “CZ” Zhao, co-founder and former CEO of Binance, has been instructed to remain in the US for a second instance. The ex-executive is now awaiting punishment for violations of US banking regulations when this judgment is announced.
U.S. District Judge Richard A. Jones rejected Changpeng Zhao’s request for permission to visit his family in the UAE on Friday, December 29. The ex-CEO of Binance had asked for permission to depart the nation while out on bond.
Binance and the US Department of Justice (DOJ) reached a $4.3 billion settlement in November, and as part of the deal, CZ resigned as CEO of the biggest cryptocurrency exchange in the world. In addition, the ex-CEO admitted guilt on a single count of breaking the US Bank Secrecy Act.
Judge Jones already overturned a ruling that would have let the cofounder return to the UAE after pleading guilty, so this is not the first time Zhao will be prevented from leaving the US. The court ruled on December 7 that the former CEO of Binance must remain in the country because of the unique circumstances surrounding his case.
The current situation suggests that Changpeng Zhao may stay in the US until after his sentence in February 2024. Some have speculated that the former CEO of Binance may get a harsher term than the maximum of 18 months.
Zhao may find solace in the fact that his money has grown, despite the fact that he has had a difficult year due to the restrictions placed on his travel. The Binance co-founder is one of several cryptocurrency entrepreneurs whose wealth increased dramatically in 2023, according to a recent article by Bitcoinist.
In 2023, CZ’s projected net worth increased by around $25 billion, as stated in the article. Binance, the biggest cryptocurrency exchange in the world based on trading volume, is the main source of the former CEO’s riches, which are presently valued at over $37 billion.
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