A federal judge in Seattle has prohibited Changpeng Zhao (CZ) from returning home to the United Arab Emirates until his court hearing on February 23.
Bloomberg reported on the decision made on November 27. This ruling was made in response to a petition filed by the US Department of Justice to prevent CZ, the former head of Binance, from leaving the country due to concerns about his flight risk.
In a previous deal made with the department, Binance paid $4.3 billion and CZ agreed to a $50 million fine and stepped down as CEO.
However, prosecutors argued that CZ should not be allowed to leave the US due to his significant wealth outside of the country and minimal ties to it.
Despite his posting of $175 million bond, prosecutors still expressed concerns about his potential escape. CZ’s lawyers have challenged the petition to ban him from leaving the US, while the Department of Justice clarified that he could remain free but not leave the country due to a manageable risk of flight.
Prosecutors also stated that they may push for a ten-year prison sentence for CZ when a verdict is reached.
