#SpaceCatch expresses its support for CZ and his entire family!
The federal court has ruled that Changpeng "CZ" Zhao, the founder of the cryptocurrency exchange Binance, must not leave the United States until a verdict is issued. This order stems from concerns about the risk of flight if Zhao were to return to the United Arab Emirates.
Details of the Verdict and Expectations
Judge Richard Jones of the District Court in Seattle emphasized the risk of flight in the event of Zhao's return to the United Arab Emirates. Changpeng Zhao, who has already admitted to charges of money laundering, now faces the threat of up to 18 months in prison. The verdict is to be issued on February 23, 2024.
Zhao's International Assets and Ties
In the rationale, Judge Jones pointed out Zhao's extensive international assets and wealth, which are beyond the reach of U.S. jurisdiction. Additionally, he emphasized that Zhao has no significant ties to the United States, increasing the likelihood of his reluctance to return to the U.S. in case of a return to the UAE.
Bail and Conditions of Zhao's Freedom
Zhao is currently on a high bail of 175 million dollars. The conditions of his bond allow him to travel throughout the United States, but Judge Jones emphasized that such freedom of movement is a considerable restriction for Zhao under the circumstances of the case.
Relationship with American Regulators
In November, there was a significant step in the case when #Binance and Zhao agreed to a settlement with American regulators for 4.3 billion dollars. This settlement resulted from charges that Binance operated an unlicensed money transfer business and violated the Bank Secrecy Act. Part of the agreement also included Zhao's resignation from his position as CEO of Binance.
Conclusion
This case is notable not only for its international reach and high financial amount but also for how it reflects the growing interest of regulatory bodies in the field of cryptocurrencies and their operators. The decision to keep Zhao in the USA until the verdict is a clear signal that the federal court takes the concerns about potential flight very seriously.
Notice:
,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“