Binance Founder Changpeng Zhao Will Attend New Event in Dubai on Oct 30

Key Points:

• Binance founder Changpeng Zhao announced plans to attend Binance Blockchain Week in Dubai despite recent legal troubles in the U.S.
• Zhao stepped down as Binance CEO in November, after pleading guilty to charges related to Binance’s failure to prevent criminal activity, paying $100 million in fines and penalties.

Binance founder Changpeng Zhao (CZ) announced that he would be attending his company’s Blockchain Week in Dubai on October 30-31.

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Binance Founder Changpeng Zhao to Attend Binance Blockchain Week in Dubai

The public statement appears to confirm that Binance founder Changpeng Zhao can now leave the United States and return to Dubai despite his recent legal trouble.

Zhao had been released from a low-security California correctional facility on September 27 after serving four months of time. He earlier pleaded guilty to charges including not doing enough to prevent criminal activity through Binance’s platform.

As a result of the settlement reached with the U.S. Department of Justice, Zhao paid out a collective $100 million in fines and penalties to the DOJ and the U.S. Commodity Futures Trading Commission. Taking it one step further, in November, Zhao resigned as Binance’s CEO and gave up the leadership role within the company.

Binance Faces Legal Challenge Even Though CZ is No Longer Leader

Early reports indicated that Zhao faced a three-year ban from seeking to return to Binance. Later reports from Axios show the ban is, in fact, permanent, and he will never take up an executive role at the cryptocurrency exchange again. The company itself suffered even more significant financial repercussions, reaching a settlement with U.S. authorities for $4.3 billion of the largest fines levied in corporate history.

Despite its global prominence as one of the most extensive cryptocurrency exchanges, Binance has faced mounting regulatory pressure across the world, particularly in the United States. These present challenges have culminated in some serious legal ramifications against it and its founder.