Binance co-founder and former CEO Changpeng “CZ” Zhao has been ordered for the second time to stay put in the United States, according to the latest report. This decision comes as the former executive awaits his sentencing hearing for violating banking laws in the US.
CZ Ordered Again Not To Travel Outside The US – Report
In a ruling on Friday, December 29, US District Judge Richard A. Jones denied the motion from Changpeng Zhao asking for permission to travel to the United Arab Emirates, where his family resides. The former Binance CEO had requested for clearance to leave the country while on bail.
In November, CZ stepped down as the chief executive of the world’s largest crypto exchange as part of a $4.3 billion settlement between Binance and the United States Department of Justice (DOJ). The former CEO also pleaded guilty to one count of violating the Bank Secrecy Act in the US.
This is not the first time Zhao will be blocked from leaving the US, as Judge Jones had reversed an earlier decision that would have allowed the cofounder to return to the UAE following his guilty plea. In a December 7 ruling, the judge ordered the former Binance CEO to stay in the country due to the peculiarities of his case.
Although the precise reasons for CZ’s second request to travel to the UAE were not revealed, having been filed in court under seal, the former chief executive’s legal team did suggest that it involved “Mr. Zhao’s child.” The legal counsel’s motion to seal read:
The Motion, Submission, and Order should be sealed because they contain sensitive private medical information regarding Mr. Zhao’s child.
As it stands, Changpeng Zhao might remain in the United States until after his sentencing, which is scheduled for February 2024. The former Binance CEO could face up to 18 months in prison, with some believing in the possibility of a longer sentence.
Former Binance CEO’s Net Worth Up In 2023
Even though Zhao has had a rough year, with his movement currently under restriction, he can take some consolation in the expansion of his wealth. Recently, Bitcoinist reported that the Binance co-founder is amongst crypto entrepreneurs who have seen their net worth experience a significant increase in 2023.
According to the report, CZ’s estimated net worth has skyrocketed by roughly $25 billion in 2023. The former chief executive’s fortune – currently valued at over $37 billion – primarily comes from his controlling stake in Binance, the world’s largest cryptocurrency exchange by trading volume.
It is worth noting that CZ remains free in the US on a $175 million bond, with $15 million cash held in trust.