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<p>The post <a href="https://coinpedia.org/news/binance-founder-cz-faces-extended-us-stay-amid-legal-challenges-a-deep-dive-into-the-case/">Binance Founder CZ Deemed as ‘Flight Risk’; Faces Extended US Stay</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>In a landmark decision by US District Judge Richard Jones, <a href="https://coinpedia.org/news/can-binance-ex-ceo-changpeng-zhao-return-to-uae-judges-verdict-awaited-post-guilty-plea/">Changpeng Zhao (CZ)</a>, the founder of the cryptocurrency exchange Binance, is mandated to prolong his stay in the United States for an additional six months. This ruling comes amid ongoing legal battles that have captured the attention of the financial world. </p> 
<p>According to sources, including a detailed post by <a href="https://twitter.com/JohnReedStark/status/1732952379991982565?s=20">John Reed Stark</a>, this development could signal more unexpected twists in the case.</p> 
<h2 class="wp-block-heading" id="h-cz-s-extended-stay-in-the-us"><strong>CZ’s Extended Stay in the US</strong></h2> 
<p>The United Arab Emirates (UAE) will have to wait at least six months longer before <a href="https://coinpedia.org/news/why-did-binance-exchange-pay-a-4-3-billion-penalty/">Binance</a> founder Changpeng Zhao (CZ) can go back to his home, according to US District Judge Richard Jones’s ruling. Since CZ has a vast fortune and assets outside of the US, has no connections to the US, and his family lives in the UAE, the court concurs with the administration that this is an exceptional case.</p> 
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   <p lang="en" dir="ltr">Breaking News: CZ Must Stay in the U.S. Until His Sentencing<br><br>US District Judge Richard Jones just ruled that Binance founder Changpeng Zhao (CZ) can’t return to his home in the United Arab Emirates (UAE) before he is sentenced in the US, which will not be for at least six… <a href="https://t.co/5kD5psAZTn">pic.twitter.com/5kD5psAZTn</a></p>— John Reed Stark (@JohnReedStark) <a href="https://twitter.com/JohnReedStark/status/1732952379991982565?ref_src=twsrc%5Etfw">December 8, 2023</a>
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<p>The court concludes that the defendant has failed to provide sufficient evidence to dispel reasonable doubt about his intention to evade extradition upon his return to the UAE. As part of the terms of his bond, the defendant is free to travel anywhere in the US and his loved ones are welcome to see him whenever they like.</p> 
<p>Read More: <a href="https://coinpedia.org/news/crypto-expert-predicts-lifetime-imprisonment-for-binance-ex-ceo-changpeng-zhao-as-legal-challenges-escalate/">Binance Ex-CEO Changpeng Zhao Faces Grim Punishment, Predicts Expert</a></p> 
<h2 class="wp-block-heading" id="h-is-cz-a-flight-risk"><strong>Is CZ a Flight Risk?&nbsp;</strong></h2> 
<p>According to Judge Jones, CZ poses a real flight risk due to his opulent lifestyle and unique “granted” citizenship in a non-extraditing jurisdiction like the UAE. His offenses amount to mass murder and mayhem. Binance paid the biggest fine ever in US Treasury and FinCEN history—$4.3 billion—as part of their historic plea deal. The enormous amount of transactions, the level of top management’s involvement, and the egregious nature of Binance’s conduct are all reflected in this massive compensation.</p> 
<p>In addition, CZ was indicted for felony charges related to the Bank Secrecy Act by the DOJ. Zhao needs to stay in the United States until he is told to face the repercussions for enabling a multitude of heinous crimes and terrorism while serving as <a href="https://coinpedia.org/news/will-binance-exchange-find-balance-under-richard-tengs-leadership/">CEO of Binance</a>.</p> 
<h2 class="wp-block-heading" id="h-harsh-reality-check">Harsh Reality Check</h2> 
<p>All this happened because Binance failed to prevent and disclose suspicious transactions with terrorists, ransomware attackers, money launderers, and other criminals. It failed to comply with AML and penalties, allowing illicit actors to trade freely on its platform.</p> 
<p>Additionally, he criticized that corporation for failing to disclose over 100,000 suspicious transactions owing to weak controls, including terrorist organizations, malware, child sexual exploitation material, frauds, and scams. Binance, one of the largest ransomware receivers, violated commercial ethics.</p> 
<p>Zhao is on bail in the U.S. and awaits punishment. The February sentence hearing might result in 18 months in prison. In the middle of Binance’s legal and regulatory issues, the court is considering letting Zhao return to his family in the UAE.</p> 
<p>This Might Interest You: <a href="https://coinpedia.org/news/binance-exchanges-latest-reserve-certificate-reveal-its-financial-health/">Is Binance Safe? Latest Reserve Report Reveals Key Financial Secrets</a></p>

Binance Founder CZ Deemed as ‘Flight Risk’; Faces Extended US Stay

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