Prosecutors say former Binance CEO Changpeng Zhao poses a significant flight risk given his minimal ties to the United States. That’s why they want him not to leave the country before his sentencing hearing. Meanwhile, CZ’s personal account on X experienced a temporary restriction following the name change.
Prosecutors asked for an ‘international travel ban’ on the former CEO of Binance!
Changpeng Zhao (CZ), a citizen of the United Arab Emirates and Canada, should not be allowed to return home to the UAE before his sentencing hearing on February 23 next year, US prosecutors said. They cited the risk of escape as the reason. The court found Zhao guilty on Tuesday of Binance’s failure to maintain an effective anti-money laundering program. This was followed by the prosecutors’ request to review the bail conditions. Prosecutors argue that Zhao, who has a significant fortune outside the United States and minimal ties to the country, is a serious flight risk.
Magistrate Brian Tsuchida had previously ruled that Zhao would be allowed to return to the UAE on bail. However, the Judge required the former Binance CEO to return to the United States by February 9, 2024. Now prosecutors are considering the possibility of Zhao fleeing if he returns to the UAE. They claim that CZ has not demonstrated by clear and convincing evidence that this possibility does not exist. Prosecutors point to Zhao’s significant assets and strong ties to the UAE. Additionally, they add, “The government’s failure to extradite him from the UAE supports this court’s finding that he should remain in the United States until his sentencing on February 23, 2024.”
CZ’s X account has been temporarily restricted
There were temporary restrictions on Changpeng Zhao’s personal X account yesterday. This development comes on the heels of Zhao resigning from his post due to legal challenges facing the embattled cryptocurrency exchange. As you follow from Kriptokoin.com, the court found CZ guilty of US money laundering violations. Following this, he had to resign from his position as CEO of Binance. Zhao encountered an unexpected hurdle when his personal account on X was temporarily suspended.
The restriction came shortly after Zhao changed his profile name on the platform. In a post on Binance Square, a social platform associated with the exchange, CZ expressed his frustrations, noting the irony of the situation by citing a Chinese saying: “The trouble is not traveling alone.” CZ suggested that the suspension was an automatic response triggered by the name change. He criticized the platform’s bot detection algorithms for mistakenly targeting legitimate users while failing to catch real bots. Despite the discomfort, Zhao struck a cheerful tone. He also wished his followers a Happy Thanksgiving.
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