Published
2 months ago on
February 24, 2024
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The United States Attorney’s Office urged the court judge to allow them to impose more travel restrictions on Binance co-founder Changpeng Zhao (CZ).
Binance is a top-ranked crypto exchange known for its high quality crypto trading services for every type of crypto trader. In 2023, the US enforcement agencies imposed charges against this crypto exchange over operating the Binance services without permission. The Binance team settled the majority of the charges with a very high amount of fine but the case between Binance & Binance co-founder CZ vs American securities regulatory body SEC is active. Some legal experts believe that CZ might face a minimum of 2 years of jail punishment.
A 23 Feb court filing showed that the US prosecutors asked Magistrate Judge Brian Tsuchida to approve a motion for CZ’s bail conditions & restrict him to remain in the US until 30 April 2024.
Also, he asked the judge to order CZ to release his Canadian passport & other documents related to travel or his UAE citizenship to surrender.
As per reports, CZ’s legal representatives asked the federal judge to reject this motion and also said that he may continue to pursue a way to leave the country.
U.S. prosecutors asked that CZ remain in the U.S. until his sentencing hearing on April 30, give three days' notice of his travel plans and turn over his Canadian passport and all other travel documents to the legal team. https://t.co/Friik6pAuU
— Wu Blockchain (@WuBlockchain) February 24, 2024
After CZ departed from the Binance exchange as a part of the settlement deal with the US authorities, the former Binance head of regional markets Richard Teng stepped up as CEO.
In Dec 2023, in an interview with Cointelegraph, Binance’s new CEO described the exchange as “totally different” compared to its business six years prior.
Binance (BNB) coin price
Following the legal hurdles of the Binance exchange in the US, the trade price of Binance exchange’s native token BNB faced a significant downfall.
To protect the reputation of the Binance crypto empire, CZ admitted the majority of the charges without any objection & stepped down from the CEO position.
After that, the trade price of BNB coin gained a better level of stability. The current trade price of this token is $379 & this trade price is 61% higher over the last 3 months.
Read also: Former US president Donald Trump says he is okay with Bitcoin use
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