The former CEO of Binance, Changpeng Zhao (CZ), had a roadblock in his attempts to travel to the United Arab Emirates when a district judge halted a portion of his bail.
CZ is currently residing in the US and intends to stay there until early 2024, when he will be sentenced. This follows Binance’s guilty plea for breaking money transfer regulations and sanctions, as well as his recent guilty plea for breaching the Bank Secrecy Act.
Despite CZ’s $175 million bond release, the Justice Department maintains that he poses a flight risk due to the absence of an extradition agreement with the United Arab Emirates.
The court hasn’t pressed for CZ to be imprisoned right away, and his defense team has emphasized his voluntary appearance and the state of his family.
