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Chukwu Vincent [@V.C.O]
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Binance's founder, Changpeng Zhao, hit a roadblock trying to go to the UAE. Even with his big $4.5 billion stake as collateral, a judge said no. This happened after Zhao admitted mistakes in Binance's anti-money laundering efforts, leading to a hefty $4.3 billion penalty.
Following his guilty plea, Zhao took the step of resigning as Binance's CEO, and his sentencing is scheduled for February 23. Despite the guilty plea, Zhao is presently at liberty in the U.S., having posted a $175 million release bond. Seeking permission to travel to Abu Dhabi for a period ranging from one to four weeks, Zhao's request was centered around attending to a medical situation. The specifics of this medical matter were intentionally kept confidential in the submitted letter.
This is the second time the judge said no to Zhao's travel plans. The judge worries he might run away, pointing to Zhao's wealth and family ties in the UAE. The judge thinks Zhao hasn't proven he won't flee if allowed back to the UAE. Even though his travel request was denied, Zhao is still without a bond but can't leave the U.S.
This situation unfolds in a manner distinct from other cases, such as that of former Celsius CEO Alex Mashinsky, who is currently free on a $40 million bond. Additionally, the case of former FTX CEO Sam Bankman-Fried is notable; initially allowed to stay in his parents’ California home after extradition to the U.S. in 2022, he was later ordered remanded due to allegations of witness intimidation, showcasing the varied outcomes in high-profile legal matters within the crypto industry.
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Direct response Copywriter at [DFY] specialized in Fintech, finance, trading, investment,Blockchain-infographic creator. {@V.C.O}
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Binance Founder Denied UAE Travel Despite $4.5B Collateral" – Medium
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