Former Binance CEO Gets Bad News

December 29, 2023 7:50 pm Comments

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:

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.”

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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