©Reuters.
SEATTLE – A federal court in Seattle has imposed a travel restriction on Changpeng Zhao, the multibillionaire CEO of cryptocurrency exchange Binance, preventing him from traveling to the United Arab Emirates (UAE). Today’s decision comes ahead of Mr. Zhao’s sentencing, scheduled for February, for money laundering and violating U.S. sanctions.
The court’s decision to stay an earlier ruling that would have allowed Zhao to travel was prompted by prosecutors’ concerns. They pointed out that Zhao’s significant assets and connections in the UAE were factors that could increase the risk that he would not return for sentencing, as well as the difficulties that could arise in efforts to have him sentenced. extradite after conviction.
The stay represents a notable development in a case that has been closely followed by the cryptocurrency industry, as Zhao is a prominent figure in the industry. Binance, the platform he runs, is one of the largest cryptocurrency exchanges in the world by trading volume. The outcome of the Zhao case could have significant implications for regulatory oversight and compliance within the rapidly evolving digital currency market.
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