Binance Founder CZ Stuck in U.S. for the Moment
A district judge ordered Changpeng “CZ” Zhao to stay in the U.S. until he could make a proper ruling on a U.S. Department of Justice motion to block him from returning to his home in the UAE.
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A district judge ordered Changpeng “CZ” Zhao to stay in the U.S. until he could make a proper ruling on a U.S. Department of Justice motion to block him from returning to his home in the UAE.
U.S. argues that Binance’s former CEO should remain free until sentencing – but only in the U.S.
Binance founder and former CEO Changpeng Zhao should be allowed to return to the UAE, where he is a citizen and lives, ahead of his February sentencing, his lawyers said, pushing back against a U.S. Department of Justice filing asking he not be allowed to leave the country.
The settlement will significantly reduce the potential systemic risk emanating from a hypothetical collapse of the crypto exchange, the report said.
Binance CEO Changpeng Zhao leaves the U.S. District Court in Seattle, Washington. (David Ryder/Getty Images)
The overnight price volatility in bitcoin and other cryptocurrencies washed out a notable chunk of leverage from the market, with bitcoin alone seeing more than $65 million worth of liquidations in futures markets.
(Photos from Smorshedi/Wikimedia Commons and CoinDesk/Flickr, modified by CoinDesk)
Binance is paying one of the largest fines in corporate history to the U.S. Department of Justice, while its founder and CEO, Changpeng “CZ” Zhao, stepped down from his role running the platform as part of a settlement with multiple federal agencies. Meanwhile, Kraken is facing a lawsuit from the U.S. Securities and Exchange Commission that echoes the SEC’s previous wave of suits.
Binance founder and former CEO Changpeng “CZ” Zhao has been released from custody on a $175 million personal recognizance bond.
U.S. lawmakers Senator Cynthia Lummis (R-Wy.) and Rep. French Hill (R-Ark.) have urged the Department of Justice to “expeditiously conclude” investigations and reach a decision on charging Binance and Tether for aiding terrorism financing for Hamas.