Changpeng “CZ” Zhao Denied Request to Travel Outside the US
During the course of his protracted legal struggle in the United States, Changpeng “CZ” Zhao, former CEO of Binance, has encountered a serious setback. A federal judge named Richard Jones of the United States District Court for the Western District of Washington in Seattle declined Zhao’s second request to fly outside of the country.
In December, Judge Jones issued an order mandating that Zhao stay in the United States, and the recent judgment followed that order. The decision was made due to concerns that Zhao may be a flight risk. Zhao had previously pled guilty to one count of felony in a $4.3 billion arrangement between himself, Binance, and U.S. authorities. His sentencing is scheduled to take place in February, and he may face a maximum penalty of eighteen months in jail.
The reasons for Zhao’s second application to travel have been sealed by the court and are being kept confidential. However, it has been reported that the motion was related to medical information concerning Zhao’s child. Zhao is alleged to be the father of three children with Yi He, a former talk show personality and co-founder of Binance. These children are currently living in Dubai, where Zhao also maintains a residence.
Despite his guilty plea, Zhao is currently free on a bail of $175 million. However, he is prohibited from traveling outside of the United States after the conviction. This situation is reminiscent of the case of Alex Mashinsky, the former CEO of Celsius, who was arrested for accusations of deceiving and scamming people. Mashinsky is also currently free on a bail of forty million dollars.