Former Binance CEO Changpeng Zhao has been denied permission to travel for the second time while he awaits sentencing in the US for violating banking laws.
Zhao had appealed to U.S. District Judge Richard A. Jones for permission to travel. But after a hearing in Seattle on Friday, Jones rejected Zhao’s application. The reasons for Zhao’s proposed trip and the destination he plans to go remain secret, as they were filed under seal in court.
Zhao faces a potential maximum sentence of 10 years in prison. However, under a plea agreement, he is expected to serve no more than 18 months, and it appears that cryptocurrency protects him from the harsh penalties faced by other prominent figures in his industry. The Ministry of Justice has not yet announced the duration of the sentence it will recommend.
In late November, a federal judge in Seattle ruled that Zhao would not be allowed to return to his home in the United Arab Emirates for now. Zhao’s sentence is scheduled to be announced on February 23.
In accordance with the agreement it made with US authorities, Binance agreed to resign Zhao as CEO and pay a penalty of $ 4.3 billion. However, many experts think that this is a good deal for the company and that they have now eliminated the threat of regulation quite cheaply.
*This is not investment advice.
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