US court refuses to allow Changpeng Zhao to leave the country on $4,5 billion bail in Binance shares
The businessman wanted to fly to Abu Dhabi and stay there for about a month due to the hospitalization of a loved one
25.01.2024 - 12:06
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What’s new? In late December, US Federal Judge Richard Jones again denied Binance crypto exchange founder Changpeng Zhao permission to leave the country before the announcement of the verdict in the money laundering case, scheduled for February 23. According to new court documents, the businessman offered his $4,5 billion worth of Binance shares as a guarantee to return by the date set.
What else is known? The value of the exchange’s shares offered to the court as collateral was estimated based on Binance’s last funding round two years ago.
The businessman sought permission to fly to Abu Dhabi on January 4 for one to four weeks due to the hospitalization of an unnamed loved one. The businessman expected to be outside the US during his surgery and recovery. Federal prosecutors, as well as the court, did not approve the request.
In November, Zhao pleaded guilty to failing to maintain an effective anti-money laundering program at Binance. The exchange itself agreed to pay fines to several agencies totaling $4,3 billion as part of the case.
Binance and Changpeng Zhao to pay $2,85 billion to CFTC as part of settlement agreement
The company was also required to implement a standardized corporate structure with a board of directors and audit and compliance committees
Also, as part of the agreement with the investigation, Zhao left the posts of CEO of the global exchange and chairman of the board of its US division. At the same time, he was released on bail of $175 million and is currently awaiting the announcement of the verdict.
Earlier, Judge Jones had already rejected Zhao’s requests to leave the country, citing the risk of flight and the businessman’s privileged status in the UAE, where his family lives.
In December, the US Securities and Exchange Commission (SEC) said its chances of winning a lawsuit against Binance had improved after the platform reached a settlement with the Treasury Department, pleading guilty to money laundering charges
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