Key Points:

• Binance founder Changpeng Zhao’s bid to return to the UAE was rejected by the court despite offering $4.5 billion in Binance.US shares as collateral.
• A guilty plea for money laundering negligence brings a $4.3 billion fine.
• The new CEO, Richard Teng, prioritizes legal compliance and transparency.

According to CNBC, former Binance CEO Changpeng Zhao’s bid to return to the UAE has been rejected by the court, compelling him to remain on US soil until his sentencing on February 23, 2024.

Read more: Top 7 Crypto Influencers You Should Know

Binance Founder Changpeng Zhao’s Return Bid Rejected Amid Legal Turmoil

Binance founder Changpeng Zhao, as he is commonly known, sought permission to return for “hospitalization and surgery,” offering $4.5 billion worth of Binance.US shares as collateral to guarantee his return. However, the court dismissed his plea.

This development follows CZ’s guilty plea in November 2023, admitting negligence in preventing money laundering at Binance. As part of the settlement with the US Department of Justice, Binance faces a hefty $4.3 billion fine, cessation of US services, and oversight by US regulatory agencies. Binance founder Changpeng Zhao is required to step down as CEO, face a three-year ban from holding a managerial role, and potentially serve a US prison sentence.

Despite offering $175 million in bail and vowing to return, CZ’s request to reunite with his family in the UAE was rejected by prosecutors, fearing a flight risk due to assets outside US jurisdiction. The court sided with the prosecution, mandating CZ’s presence in the US until sentencing.

Since CZ’s resignation, new CEO Richard Teng has taken the reins, emphasizing Binance’s commitment to legal compliance and operational transparency. Speculation abounds regarding the influence of Yi He, Binance co-founder and close associate of CZ, raising questions about the actual leadership behind the exchange’s new chapter.

Binance

Binance.US

Changpeng Zhao

CZ

Richard Teng

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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News

Binance Founder Changpeng Zhao Is Now Stuck In The US

Key Points:

• Binance founder Changpeng Zhao’s bid to return to the UAE was rejected by the court despite offering $4.5 billion in Binance.US shares as collateral.
• A guilty plea for money laundering negligence brings a $4.3 billion fine.
• The new CEO, Richard Teng, prioritizes legal compliance and transparency.

According to CNBC, former Binance CEO Changpeng Zhao’s bid to return to the UAE has been rejected by the court, compelling him to remain on US soil until his sentencing on February 23, 2024.

Read more: Top 7 Crypto Influencers You Should Know

Binance Founder Changpeng Zhao’s Return Bid Rejected Amid Legal Turmoil

Binance founder Changpeng Zhao, as he is commonly known, sought permission to return for “hospitalization and surgery,” offering $4.5 billion worth of Binance.US shares as collateral to guarantee his return. However, the court dismissed his plea.

This development follows CZ’s guilty plea in November 2023, admitting negligence in preventing money laundering at Binance. As part of the settlement with the US Department of Justice, Binance faces a hefty $4.3 billion fine, cessation of US services, and oversight by US regulatory agencies. Binance founder Changpeng Zhao is required to step down as CEO, face a three-year ban from holding a managerial role, and potentially serve a US prison sentence.

Despite offering $175 million in bail and vowing to return, CZ’s request to reunite with his family in the UAE was rejected by prosecutors, fearing a flight risk due to assets outside US jurisdiction. The court sided with the prosecution, mandating CZ’s presence in the US until sentencing.

Since CZ’s resignation, new CEO Richard Teng has taken the reins, emphasizing Binance’s commitment to legal compliance and operational transparency. Speculation abounds regarding the influence of Yi He, Binance co-founder and close associate of CZ, raising questions about the actual leadership behind the exchange’s new chapter.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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