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Key Points:<ul><li>Judge bars Binance founder CZ from leaving the U.S.</li><li>Concerns over Zhao’s substantial wealth and potential flight risk.</li><li>Ongoing legal saga adds uncertainty to the crypto industry.</li></ul>U.S. District Judge Richard Jones has barred Changpeng Zhao, the founder of Binance, from leaving the United States as he awaits sentencing on <a href="https://cryptosnewss.com/ex-binance-ceo-czs-decade-in-crypto-a-journey-of-risk-rewards-and-legal-challenges/" rel="noopener noreferrer nofollow">criminal charges</a> related to anti-money laundering violations. This decision overturns a prior ruling that allowed Zhao to return to his home in the United Arab Emirates before his sentencing in February.The federal judge granted the request of prosecutors to impose travel restrictions on Zhao, citing concerns over the entrepreneur’s substantial wealth overseas and the absence of an extradition treaty between the U.S. and the UAE, posing a potential flight risk.In his ruling, Judge Jones emphasized the uniqueness of the case, acknowledging Zhao’s significant financial holdings abroad and his lack of ties to the United States. Zhao, a Chinese-Canadian entrepreneur who transformed Binance into the world’s largest cryptocurrency exchange, pleaded guilty last month to failing to maintain an effective anti-money laundering program, potentially facing a 10 to 18-month prison sentence.Prosecutors argued that Zhao’s vast wealth and the lack of financial constraints made him a flight risk. Despite Zhao’s willingness to surrender and admit guilt, the government expressed concerns about his ability to weather financial losses, including the forfeiture of a $175 million bond and an additional $5 million in collateral.Judge Jones sided with the prosecution, stating that the imposed bond conditions, which allow Zhao to remain free within the U.S. and permit his family to visit, are not overly burdensome given the circumstances.The legal saga surrounding Zhao and Binance unfolded after U.S. authorities investigated the exchange for allegedly facilitating illegal transactions. Last year, Binance agreed to pay substantial fines for failing to prevent money laundering and other illicit activities. Zhao stepped down as CEO amid a $4.3 billion settlement linked to sanctions and money transmission violations._______________________________________________________________________________________Stay connected with us on <a href="https://news.google.com/publications/CAAqBwgKMLrrowwwzOOyBA" rel="noopener noreferrer nofollow">Google News</a>, <a href="https://t.me/cryptosnewsss" rel="noopener noreferrer nofollow">Telegram</a>, <a href="https://twitter.com/NewssCryptos" rel="noopener noreferrer nofollow">Twitter</a>, and <a href="https://www.facebook.com/profile.php?id&#61;100089949049302" rel="noopener noreferrer nofollow">Facebook</a> to stay updated on the latest developments and engaging discussions in the realm of CryptosNewss.Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.Originally published at <a href="https://cryptosnewss.com/us-judge-restricts-binance-founder-changpeng-zhaos-international-travel-amidst-money-laundering-charges/" rel="noopener noreferrer nofollow">https://cryptosnewss.com</a><a href="https://cryptosnewss.com/shiba-inu-sets-crypto-ablaze-shibarium-burn-consumes-8-24-billion-shib-tokens/" rel="noopener noreferrer nofollow"> </a>on December 8, 2023.

US Judge Restricts Binance Founder Changpeng Zhao’s International Travel Amidst Money Laundering Charges

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