The ex-CEO of Binance, Changpeng Zhao (CZ), is at risk of absconding. That’s what prosecutors in the United States think. Therefore, he should not leave the country until his trial begins in early 2024.


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Founder of the crypto exchange Binance wants to move abroad
The founder of Binance has resigned as part of a settlement between US authorities and the trading platform. Many investigations into the platform have been ongoing for a long time. For example, a large number of suspicious transactions would never have been reported.
Part of the settlement includes a $4.6 billion fine for the company. CZ himself was also punished and, in addition to his resignation, must also pay a fine of 50 million dollars.
But that’s not the end for CZ. He has yet to appear in court. He faces a prison sentence of up to 10 years, although it is widely expected that he will not remain behind bars for that long.
CZ wants to return to his home country
The founder of the world’s largest stock exchange is currently not in custody. Bail was set at $175 million. CZ has provided $15 million in cash for this and three people are supporting him as guarantors.
In other words, if CZ actually flees, he will at least lose the $15 million and the court can seize the assets of the three sureties.
That’s why the founder thinks he can just leave. He is Canadian but also holds a United Arab Emirates passport. However, US prosecutors disagree with his argument:
“Zhao’s significant assets and close ties to the UAE, as well as the government’s inability to extradite him from the UAE, militate against this court’s order that he be detained in the United States until his sentencing on February 23, 2024 .”
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