Former Binance CEO Changpeng “CZ” Zhao will still not be allowed to leave the United States ahead of his sentencing hearing following an order from a federal judge.
In a Dec. 29 ruling as part of a hearing in U.S. District Court for the Western District of Washington in Seattle, Judge Richard Jones denied a motion from CZ requesting permission to travel outside the country. The reasons for the second motion were unavailable to the public, having been sealed by the court, but CZ’s legal team suggested it involved “medical information regarding Mr. Zhao’s child.”
On Dec. 7, Judge Jones ordered Zhao to remain in the United States following a motion requesting permission to travel. The judge suggested CZ could be a flight risk if allowed to travel to his home in Dubai, where his family lives.
CZ pleaded guilty to one felony count as part of a $4.3 billion deal between the former CEO, Binance, and U.S. authorities. He is expected to be sentenced in February, when he could face up to 18 months in prison.
Related: Amid legal troubles, Changpeng Zhao’s wealth increased by $25B in 2023
According to the order, CZ will remain free on a $175 million bond but is restricted from traveling outside the United States. Former Celsius CEO Alex Mashinsky — arrested in July for charges related to allegedly misleading and defrauding users — was free on a $40 million bond.
Former FTX CEO Sam Bankman-Fried was initially allowed to remain in his parents’ California home following his extradition to the U.S. in 2022. However, a judge ordered him remanded following allegations of witness intimidation.
It’s unclear what medical information Zhao’s lawyers provided to the court under seal. He reportedly has three children with former talk show host and Binance co-founder Yi He.
Magazine: US enforcement agencies are turning up the heat on crypto-related crime
