Former Binance CEO CZ Barred from Leaving the U.S. While Awaiting Sentencing


A federal judge has issued an order restricting former Binance CEO Changpeng Zhao (CZ) from leaving the U.S. until the court determines whether to approve the government's motion to force him to stay in the country until sentencing. The government filed the motion in response to a release order issued by a magistrate judge, which granted CZ permission to return to the United Arab Emirates (UAE) while awaiting sentencing.

Judge's Order to Restrict CZ's Travel

The order, signed by District Judge Richard A. Jones on Monday, states that the court will review the decision made by Magistrate Judge Brian A. Tsuchida to allow CZ to return to the UAE pending sentencing. Until the court resolves the government's motion for review, CZ is prohibited from leaving the U.S.

CZ pleaded guilty last week to failing to maintain an effective anti-money laundering program and stepped down as the CEO of Binance, the world's largest cryptocurrency exchange. Additionally, the government filed a parallel information against Binance for non-compliance with the Bank Secrecy Act and U.S. sanctions law.

As part of the settlements reached with the U.S. Department of Justice (DOJ), the Treasury Department, the Financial Crimes Enforcement Network (FinCEN), and the Commodity Futures Trading Commission (CFTC), Binance and CZ will pay a record-breaking sum of over $4.3 billion.

Release Order and Government's Motion

Last week, Magistrate Judge Tsuchida issued a release order with bail conditions, allowing CZ to return to the UAE while awaiting sentencing. However, the U.S. government filed a motion to prevent CZ from going back home before sentencing. In response, CZ has asked the court to reject the government's motion, arguing that Judge Tsuchida determined he is not a flight risk since he voluntarily appeared before the court, took responsibility, and pleaded guilty.

According to the government's motion, the former Binance CEO could face up to 18 months in prison. CZ's legal team described the bail conditions set by Magistrate Judge Tsuchida, which require him to "post a $175 million personal recognizance bond, secured by two guarantors with cash pledges of $100,000 and $250,000, respectively, and a third guarantor with real property located in Los Angeles, California, valued at more than $5 million."

Should CZ be allowed to return to the UAE while awaiting sentencing? Share your thoughts in the comments section below.


How To

The History of Gold as an Asset

From the ancient days to the early 20th Century, gold was a common currency. It was universally accepted due to its purity and divisibility, beauty, scarcity, and durability. In addition, because of its value, it was traded internationally. Different weights and measurements existed around the world, however, because there were not international standards to measure gold. One pound sterling in England was equivalent to 24 carats silver, while one livre tournois in France was equal 25 carats. In Germany, one mark was equivalent to 28 carats.

The United States started issuing American coins in the 1860s made of 90% copper and 10% zinc. This caused a drop in foreign currency demand which resulted in an increase of their prices. This was when the United States started minting large quantities of gold coins. The result? Gold prices began to fall. Because the U.S. government had too much money coming into circulation, they needed to find a way to pay off some debt. They decided to return some of the gold they had left to Europe.

Since most European countries were not confident in the U.S. dollar they began accepting gold as payment. After World War I, however, many European countries started using paper money to replace gold. The price of gold rose significantly over the years. Today, although the price fluctuates, gold remains one of the safest investments you can make.


Based on [POSTTITLE]



Recent Posts
Latest Featured Posts
Latest News Posts