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The biggest crypto exchange by trading volume, Binance, is caught in the legal challenges. US prosecutors filed a request to tighten the bond conditions of <a href="https://news.todayq.com/czs-criminal-sentencing-in-binance-case-rescheduled-to-late-april/">Changpeng Zhao</a> (CZ). This comes in when the Binance founder awaits sentencing in April for violating anti-money laundering (AML) laws. Binance in trouble? 
According to the report, the proposed bond conditions require CZ to provide advance notice of domestic travel. The founder of Binance pleaded guilty in November 2023 to a charge of failing to maintain an effective AML program, violating the Bank Secrecy Act. However, due to these legal complications, he stepped down as Binance’s CEO. 
The US prosecutors have taken cognizance of this matter. They are seeking to tighten Zhao’s bond conditions. This includes requiring CZ to provide advance notice of domestic travel. However, he would need to surrender his Canadian passport and obtain court approval for any change in residence. These measures aim to address concerns about the risk of ex-CEO fleeing before his sentencing in April. 
Back in December 2023, Judge Richard Jones barred CZ from traveling outside the United States. He cited concerns about his wealth and lack of ties to the US. This raised the risk of him fleeing to his home in the United Arab Emirates. 
The report mentioned that Zhao’s lawyers objected to the proposed bond conditions. However, the specific details of their objections didn’t came out. What’s next in this legal battle? 
The Department of Justice (DOJ) had announced the Binance founder’s guilty plea in conjunction with an agreement for the exchange to pay over $4.3 billion. This was done to settle multiple federal charges. It marked one of the largest corporate penalties in US history. 
As reports suggest, the Federal sentencing guidelines suggest that CZ could face up to 18 months in prison. However, the prosecutors are reportedly considering seeking a harsher sentence. 
Amid these legal complications, Binance has been losing its market share in the US. Other major exchanges like Coinbase and Kraken have been keen to grab this area. The crypto market recently saw a spike in users as Bitcoin linked Exchange-Traded Fund (ETF) got approval. 
The total market cap is nearing breaching the $2 trillion cap as Bitcoin went to trade over $52,000. However, BTC is trying to break the $53K price level now. Bitcoin is trading at an average price of $51,049, at the press time. 
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US prosecutors seek tighter restrictions for Binance’s CZ

Todayq News

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