Amid the legal issues facing the former executive, a judge has once again denied Binance founder Changeng ‘CZ’ Zhao’s request to leave the US. Specifically, Bloomberg reported that Zhao was told that he was unable to exit the country as he awaits sentencing for various banking law violations.
Zhao and Binance were subject to an extensive years-long investigation that culminated in a massive settlement with different US agencies. Moreover, Zhao was forced to leave his position as the cryptocurrency exchange’s CEO. Additionally, he is facing criminal charges for his role in the firm’s various violations.
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Binance Founder Blocked Form Leaving US Yet Again
One of the biggest developments for the digital asset sector in 2023 was the legal trouble that Binance found itself in. The crypto exchange had long been one of the industry’s most prominent. However, a massive settlement and forced leadership change altered the course of the firm.
Now, the ongoing legal developments of its former CEO have continued to dominate industry headlines. Specifically, a judge has recently ruled, yet again, that Binance founder Zhao is unable to leave the United States. Indeed, reports have confirmed the ruling that was sent down today.
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Zhao had requested permission to travel from US District Judge Richard A. Jones for a second time. After a Seattle court hearing today, that application was once again denied. Both the reason for the travel and the destination were not made public following a request from Zhao
The former Binance executive is set to face sentencing for the banking violations that occurred while he headed the exchange. Conversely, the exchange had still seen 40 million new users in 2023. Zhao’s sentencing is currently set to take place in February.