Former Binance CEO Gets Bad News
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December 29, 2023 7:50 pm
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The former Binance CEO has gotten more bad news concerning his ongoing case in the United States.
On Friday, Changpeng Zhao lost yet another motion to return home to the United Arab Emirates until his sentencing set for February 2024.
ProCoin News previously reported that the crypto billionaire was denied the chance to return home due to concerns that he may be a flight risk because of his international presence and vast wealth.
Still, there is a silver lining for Zhao. Despite all his legal troubles, the former Binance CEO’s wealth grew by a staggering $23.6 billion in 2023 alone.
This makes Zhao one of the wealthiest people on the planet and ranks him as 35th on the Forbes billionaires list. Here is the latest development in Zhao’s ongoing banking case:
Former Binance chief executive Changpeng Zhao has been blocked again from traveling as he awaits sentencing in the US for violating banking laws. https://t.co/70AtNItCTS
— Bloomberg (@business) December 29, 2023
CZ – Binance founder Changpeng Zhao blocked from leaving the USA as he awaits sentencing in the United States. Binance have already paid a 4.3$ Billion fine. pic.twitter.com/WnbZWsMKe3
— 🇬🇧RonEnglish🇬🇧🏴 (@RonEng1ish) December 29, 2023
According to Coin Telegraph:
The reasons for the second motion were unavailable to the public, having been sealed by the court, but CZ’s legal team suggested it involved “medical information regarding Mr. Zhao’s child.”
Short story of Ex #Binance CEO Changpeng Zhao @cz_binance, how he became a billionaire from nothing. pic.twitter.com/LkuM5nuEYl
— Gautam Seth X (@GautamS15540834) December 29, 2023
🚨 Changpeng Zhao's Remarkable Wealth Surge: Rises to 37th Largest Asset Holder Globally in Just 2 Months 📈
✅ Bloomberg estimated Changpeng Zhao's wealth at $17 billion two months ago. Astoundingly, his wealth has now more than doubled to approximately $36.2 billion amidst…
— NQH.ETH (@NQHETH) December 28, 2023
The Block provided some background information on Zhao’s case:
Zhao pleaded guilty in a Seattle court in November to violating, and causing a financial institution to violate, the Bank Secrecy Act. He also agreed to pay a $50 million fine.
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