Judge Denies Binance Founder CZ's Travel Request Despite $4.5B Security Offer
Federal judge rejects Binance founder Changpeng Zhao's (CZ) request to travel to UAE for personal reasons.
CZ offered his Binance equity worth $4.5 billion as travel security.
Zhao pled guilty to anti-money laundering program violations, with Binance facing $4.3 billion in penalties.
Zhao, who stepped down as CEO, is on a $175 million release bond in the U.S.
The request was for Zhao to attend a surgery of an unnamed person in Abu Dhabi.
Federal prosecutors did not consent to Zhao's travel request.
Judge Jones cites Zhao's "enormous wealth" and lack of U.S. ties as reasons for flight risk concerns.
CZ offered his Binance equity worth $4.5 billion as travel security.
Zhao pled guilty to anti-money laundering program violations, with Binance facing $4.3 billion in penalties.
Zhao, who stepped down as CEO, is on a $175 million release bond in the U.S.
The request was for Zhao to attend a surgery of an unnamed person in Abu Dhabi.
Federal prosecutors did not consent to Zhao's travel request.
Judge Jones cites Zhao's "enormous wealth" and lack of U.S. ties as reasons for flight risk concerns.
Why This Matters:
- Zhao's case highlights the increasing scrutiny on cryptocurrency exchanges and their compliance with anti-money laundering regulations.
- The decision reflects ongoing tensions between crypto industry leaders and regulatory authorities.
- Zhao's case highlights the increasing scrutiny on cryptocurrency exchanges and their compliance with anti-money laundering regulations.
- The decision reflects ongoing tensions between crypto industry leaders and regulatory authorities.
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MonkeyGee : The guy has 4.3 B dollars, and he can't figure a way out of the USA? You can get out of the USA for a price of a plane ticket to Texas. The gap in the wall is open for two-way traffic, you know.