CZ Opposes U.S. Government's Motion
Former Binance CEO Changpeng Zhao (CZ) has filed an opposition to the U.S. government's "motion for review" of the judge's ruling on his "presentencing travel restrictions." The government had charged Zhao with "failing to maintain an effective anti-money laundering program" and had also filed a parallel Information against Binance for non-compliance with the Bank Secrecy Act and U.S. sanctions law.
Judge Allows CZ's Return to UAE
After hearing arguments from both the government and Zhao, Judge Brian Tsuchida issued a release order permitting the former Binance chief to return home to the United Arab Emirates (UAE) while awaiting sentencing. Despite determining that CZ poses no flight risk and that bail is appropriate, the government filed a motion seeking to prevent him from returning to the UAE before sentencing.
Defense Argues No Flight Risk
CZ's legal team argued that Judge Tsuchida had already concluded, based on a complete record, that Zhao presents no risk of flight. They emphasized that he voluntarily appeared before the court to accept responsibility and plead guilty. The defense believes that the government's motion should be denied.
Zhao's Voluntary Appearance
The lawyers for CZ highlighted that their client "voluntarily flew" to the U.S. to appear before the court on November 21, where he pleaded guilty and stepped down as Binance CEO. As part of a resolution with the Department of Justice and civil agencies, CZ and Binance will pay a historic sum of more than $4.3 billion, with CZ personally facing a penalty of $150 million from the CFTC. The government's motion suggests that Zhao may face up to 18 months in prison.
Judge Tsuchida's Order
After considering arguments from both sides, Judge Tsuchida ordered Zhao's release and permitted his return to the UAE, subject to bail conditions. According to the document, these conditions include posting 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 valued at over $5 million in Los Angeles, California.
Should CZ Return to the UAE?
What are your thoughts on whether CZ should be allowed to return home to the UAE while awaiting sentencing? Share your opinions in the comments section below.
Frequently Asked Questions
What is the interest rate on a gold IRA?
It all depends on how big your investment is. If you have $100,000, then yes. If your net worth is less than 100,000, no.
How much money you place in an IRA will determine how it earns interest.
If your annual retirement savings contributions exceed $100,000, you might want to open a brokerage account.
There you will earn more interest, but also be exposed to higher risk investments. If the stock market crashes you don't wish to lose your entire investment.
A IRA will be more beneficial if you can only contribute $100,000 annually. At least until there is a rebound in the market.
Is it possible to hold precious metals in an IRA
The answer to this question depends on whether the IRA owner wants to diversify his holdings into gold and silver or keep them for safekeeping.
There are two options for him if he wants to diversify. He could either buy physical bars of silver and gold from a dealer, or he could sell the items to the dealer at year's end. Imagine he doesn't desire to sell off his precious metals investments. He should keep them, as they are perfectly safe to be stored in an IRA account.
Can I take physical possession of gold in my IRA?
Many ask themselves whether they can physically possess gold in an IRA account. It is a valid question, as there is no legal way to possess gold in an IRA account.
You can still own gold in an IRA if you look at the law.
Problem is, most people don’t realize how much they can save by putting gold in an IRA and not keeping it in their home.
It's very easy to dispose of gold coins, but much harder to make an IRA. If you decide not to keep your golden in your home, you'll need to pay twice tax. You will pay taxes twice: once to the IRS and one for the state in which you live.
Of course, you can also lose your gold in your house and pay taxes twice. So why would anyone want to keep their gold in their home?
Some might argue that gold should be safe at home. You can protect your gold from theft by storing it somewhere more secure.
If you plan on visiting often, you shouldn't leave your precious gold at home. If your gold is left unattended, thieves could easily steal it when you're away from home.
You can store your gold in an insurance vault. Your gold will be safe from fire, flood and earthquake as well as robbery.
Another advantage to storing your gold in a vault is that you won't have to worry about paying property tax. You will have to pay income taxes on any gains from the sale of your gold.
If you prefer not to pay tax on your precious metals, an IRA may be a good option. An IRA allows you to keep your gold free from income taxes, even though it earns interest.
Capital gains tax is not required on gold. If you decide to cash it out, you will have full access to its value.
And because IRAs fall under federal regulation, you won’t have any problems getting your gold transferred to another institution if you move.
The bottom line? You can own your gold in an IRA. Your fear of it being stolen is what holds you back.
How much of your IRA should include precious metals?
Protect yourself against inflation by investing in precious metals like gold and silver. It's not just for retirement. It can also be used to prepare for economic downturns.
Gold and silver prices have increased significantly over the past few years, but they are still considered safe investments because they don't fluctuate as much as stocks do. These materials are also in high demand.
Silver and gold prices are typically predictable and stable. They are most likely to rise when the economy grows and fall during recessions. This makes them excellent money-savers, and long-term investment options.
Ten percent should go into precious metals. This percentage can be increased if your portfolio is more diverse.
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal so that you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- The maximum yearly contribution to an individual's IRAs is currently $6,000 ($7,000 for those 50 years or older), or 100% of earned income, whichever is less. (monex.com)
- To qualify as IRA allowable precious metals and be accepted by STRATA, the following minimum fineness requirements must be met: Gold must be 99.5% pure, silver must be 99.9% pure, and platinum and palladium must both be 99.95% pure. (stratatrust.com)
- Silver must be 99.9% pure • (forbes.com)
- Gold IRA, Add Some Sparkle to Your Retirement Nest egg
- Understanding China's Evergrande Crisis – Forbes Advisor
How to decide if a Gold IRA is right for you
Individual Retirement Account (IRA) is the most popular type. IRAs can also be purchased through banks, mutual funds, financial planners, and other institutions. The IRS allows individuals to contribute up $5,000 annually without worrying about tax consequences. This amount is available to all IRAs, regardless of age. There are limits to how much money you may put into certain IRAs. A Roth IRA is only available to those who are at least 59 1/2. If you're under 50, you must wait until you reach age 70 1/2 before making contributions. Some people may also be eligible for matching contributions if they work for their employer.
There are two main types: Roth and traditional IRAs. The traditional IRA allows you the opportunity to invest in stocks and bonds as well as other investments. However, the Roth IRA only allows you to invest after-tax dollars. Contributions to a Roth IRA aren't taxed when they come out, but withdrawals taken from a Roth IRA are taxed once again. Some people choose to use a combination of these two accounts. Each type is different. There are pros and con's to each. Before you decide which type of IRA is right for you, what are the pros and cons? These are the three main things you need to remember:
Traditional IRA Pros
- The company can choose from different contribution options
- Employer match possible
- Can save more than $5,000 per person
- Tax-deferred Growth until Withdrawal
- Income level may be a factor in some restrictions
- Maximum contribution limit: $5,500 per annum (or $6,500 for married filing jointly).
- The minimum investment is $1,000
- After you turn 70 1/2, you can begin receiving mandatory distributions
- An IRA can only be opened by someone who is at least five years older than you.
- Cannot transfer assets between IRAs
Roth IRA pros
- Contributions do not attract taxes
- Earnings increase without tax
- No minimum distributions
- Stocks, bonds, and mutual fund investments are the only options.
- There is no maximum allowed contribution
- No limitations on transferring assets between IRAs
- Age 55 or older to open an IRA
Considering opening a new IRA, it's essential to know that not all companies offer the same IRAs. Some companies allow you to choose between a Roth IRA or a traditional IRA. Some will let you combine them. You should also note that different types of IRAs may have different requirements. For example, a Roth IRA has no minimum investment requirement, whereas a traditional IRA requires a minimum investment of just $1,000.
The Bottom Line
The key factor in choosing an IRA account is whether you wish to pay taxes now, or later. If you are retiring within ten year, a traditional IRA could be the right option. Otherwise, a Roth IRA may be better suited for you. Either way, it's always a good idea to consult a professional about your retirement plans. It's important to have someone who is knowledgeable about the market and can suggest the best options for you.
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