Ex-Binance CEO banned from traveling again

Changpeng Zhao, the former boss of the Binance crypto exchange, is still in the news. In the wake of the legal setbacks pitting him against American justice, the crypto mogul was refused the right to travel while a trial awaits him. Justice fears that he will disappear into thin air thanks to his financial strength.

A refusal to travel, opposed to the founder of Binance, for the 2e times

The legal battle between Changpeng Zhao, the former CEO of the crypto exchange Binance, and the United States justice system has recently developed. The founder of Binance was refused a short trip to the United Arab Emirates (UAE) where his family resides.

According to information leaked this Saturday, December 30, Richard A. Jones, a US district judge rejected Changpeng Zhao’s recent international travel request. This is the second time that a travel request has been refused to the former Binance manager.

This refusal comes as the latter faces legal challenges in the United States. Setbacks which expose him to a potential prison sentence of 18 months. This, for reprehensible acts of which he was guilty in the context of the management of Binance.

Basically, American justice does not want to see Changpeng Zhao leave American territory. In question, a risk of flight of the former CEO in a context of absence of extradition treaty between the United States and the United Arab Emirates (UAE).

Binance founder Changpeng Zhao denied right to leave US ahead of trial

American justice does not want to take any risks

This measure, which may seem severe at first glance, can be seen from another angle. Namely, justice does not want to risk seeing Changpeng Zhao evade American justice. Whatever, moreover, the good faith given to him.

According to recent reports, Changpeng Zhao remains the richest man in the crypto industry. This, despite the significant fine imposed on him as part of the settlement with the US Department of Justice (DOJ).

This news probably did not escape the prosecutors in charge of Changpeng Zhao’s case. They say that with his financial power, the ex-boss of Binance could find himself outside the cracks of justice if he were authorized to join his family.

Factually, we cannot deny this possibility. We must remember the Do Kwon affair, currently behind bars. Even if these two cases are not entirely similar, we must remember that Do Kwon, co-founder of Terraform Labs, still tried to escape American justice after the company’s collapse. Nothing says that Changpeng Zhao, whose trial is scheduled for February 2024, would not act in the same way.

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