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Home»TRADING NEWS»Judge blocks $4.5 billion travel bond bid
TRADING NEWS

Judge blocks $4.5 billion travel bond bid

By Crypto FlexsJanuary 25, 20243 Mins Read
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Judge blocks .5 billion travel bond bid
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Changpeng Zhao, the former CEO of cryptocurrency exchange giant Binance, has been denied permission to leave the United States despite offering $4.5 billion worth of bonds.

The development follows Zhao’s guilty plea to US anti-money laundering charges and marks a significant chapter in the authorities’ ongoing investigation into the cryptocurrency industry.

Zhao blocked from US exit despite Binance stake offer

Zhao, who took up his position at Binance in November 2023, has been entangled in a complex legal situation with the U.S. judicial system.

He offered to pledge his entire $4.5 billion stake in Binance.US to obtain permission to travel to the United Arab Emirates. But this request was flatly denied by the U.S. District Court in Seattle. This denial highlights the seriousness of the charges against him and the seriousness with which the court views his case.

The ruling, detailed in court documents, was handed down by Judge Richard A. Jones of the Western District of Washington in Seattle. The documents highlight the significant financial offers made by Zhao to obtain approval for the trip.

Read more: Top 7 Binance Card Alternatives Available in Europe

Despite the hefty bail, the court upheld its decision to keep Zhao within U.S. borders. He noted that his presence must be secured through the sentencing process, which is scheduled for February 2024.

“It is hereby ordered that the conditions allowing the defendant to return to the UAE pending sentencing shall remain in place until this court resolves the government’s motion for reconsideration.”

This legal case represents a significant moment in the ongoing regulatory and legal challenges facing the cryptocurrency industry. Zhao, a citizen of Canada and the United Arab Emirates, now finds himself at the center of a case with potentially far-reaching implications.

The court’s decision to deny him travel demonstrates the intolerance of US authorities towards violations of anti-money laundering laws.

CFTC’s Landmark Ruling Against Binance and Zhao

Zhao’s situation is further complicated by the significant financial penalties imposed on both him and Binance. These fines are part of a settlement with the Commodity Futures Trading Commission (CFTC).

The court ordered Mr. Zhao to personally pay a civil penalty of $150 million. Additionally, Binance must return $1.35 billion in unfairly obtained trading fees. It would have to pay an additional $1.35 billion in fines to the CFTC.

These penalties highlight the seriousness of the violation and the U.S. government’s commitment to enforcing regulation within the cryptocurrency sector.

Zhao could face up to 10 years in prison. But he agreed not to appeal his sentence of up to 18 months. this is what he means admitting mistakes And the need to take responsibility for them.

“I made a mistake and I have to take responsibility.”

disclaimer

In compliance with Trust Project guidelines, BeInCrypto is committed to unbiased and transparent reporting. These news articles aim to provide accurate and timely information. However, before making any decisions based on this content, readers are encouraged to check the facts and consult with experts.
This article was initially edited by advanced AI, designed to extract, analyze and organize information from a wide range of sources. We operate without personal beliefs, emotions, or biases and provide data-driven content. Articles have been meticulously reviewed, edited and approved by human editors to ensure relevance, accuracy and compliance with BeInCrypto’s editorial standards.

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