Changpeng Zhao, former head of crypto exchange Binance, is still in the news. As a result of legal setbacks that have pitted him against the US justice system, the crypto-tycoon has been denied the right to travel while awaiting trial. Justice fears that his financial power will make him disappear into thin air.
Refusal to travel, unlike the founder of Binance, for 2E times
Recently, a legal battle has developed between Changpeng Zhao, the former CEO of the crypto exchange Binance, and the United States judicial system. The founder of Binance was denied a short trip to the United Arab Emirates (UAE), where his family lives.
According to information leaked this Saturday, December 30, Richard A. Jones, a US District Judge, denied Changpeng Zhao’s recent request for international travel. This is the second time the former Binance executive’s travel request has been denied.
The rejection comes at a time when the latter is facing legal trouble in the United States. Failures that expose him to a potential prison sentence of 18 months. This for the reprehensible actions he was guilty of in connection with the management of Binance.
In principle, the American judiciary does not want to see Changpeng Zhao leave American soil. It concerns the flight risk of the former CEO in the context of the absence of an extradition treaty between the United States and the United Arab Emirates (UAE).
The American judiciary does not want to take any chances
This measure, which may seem strict at first glance, can be seen from another angle. Justice does not want to risk seeing Changpeng Zhao escape American justice. Anything, plus the good faith given to him.
According to recent reports, Changpeng Zhao remains the richest man in the crypto industry. And this despite the significant fine that was awarded to him as part of the settlement with the US Department of Justice (DOJ).
This news probably did not escape the prosecutors in charge of the Changpeng Zhao case. It is said that due to his financial power, the former Binance boss could find himself outside the cracks of justice if he is allowed to join his family.
In fact, we cannot deny this possibility. We must remember the affair of Do Kwon, currently behind bars. Although the two cases are not completely similar, we must remember that Do Kwon, the co-founder of Terraform Labs, tried to escape American justice even after the company’s collapse. There is nothing to suggest that Changpeng Zhao, whose trial is scheduled for February 2024, will not act in the same way.
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A graduate of Sciences Po Toulouse and holder of the blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I made a commitment to raise awareness and inform the general public about this ever-evolving ecosystem. My goal is to enable everyone to better understand blockchain and take advantage of the opportunities it offers. Every day I try to provide an objective analysis of current events, decipher market trends, convey the latest technological innovations and put into perspective the economic and social problems of this ongoing revolution.
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