We have multiple reports coming out that the judge denies the ex-Binance CEO Changpeng Zhao (CZ) from leaving the United States before sentencing.
However, some have said that this is incorrect reporting. For example, Consulate of The Republic of Serbia in Singapore Calvin Cheng said, “This is incorrect. The judge stayed the ruling pending a full hearing.”
Read: Binance Ex-CEO CZ Asks Court To Let Him Travel Back To UAE
CZ’s Response
CZ responded via X by saying “4”, indicating that it is FUD and not correct news.
He also tweeted out recently regarding how to use crypto relating to biotech in accelerating research funding, unbothered by the recent news.
Recap
Let’s do a quick recap on CZ and why he is not being allowed to leave the country.
First, they think that he is a flight risk — his family lives in the UAE and his wealth and property are abroad. They do not want him to leave the United States of America because they are worried that he is not going to come back and that is because of the extradition laws they have in the UAE.
CZ and Binance had to pay a $4.3 billion fine because apparently they were helping to facilitate illicit transactions and he will likely do jail time — it is expected that he might do around 10 years of jail time but then some other people are saying that he might only do 12 to 18 months.
Second, because CZ got in trouble, he is not allowed to have anything to do with Binance for the next three years.
Read: US SEC-DOJ & Binance Settlement Explained – A Simple Breakdown
What The Crypto Community Thinks
There is likely going to be a hearing on whether CZ can leave the United States. The crypto community thinks CZ is not going to try to run away and hide — he did a full surrender, stepped on American soil after years of not being in the US and he is obviously working with the US Department of Justice (DOJ). But it looks like some folks are trying to pull some strings on trying to keep him in the US.
Final Thoughts
In this situation, as CZ awaits his sentencing which is very much out of his hands, and he is standing by for the court to decide whether he can spend his next three months flying back to the UAE or whether he will have to stay in the US until sentencing.
We cannot surely say CZ and Binance are 100% innocent, but we should try to understand why he is getting hit so hard when Sam Bankman-Fried did not get hit this hard — we are not seeing any type of fair treatment take place when SBF actually stole money from customers.