In a recent legal development surrounding the former CEO of Binance, Changpeng ‘CZ’ Zhao sought court intervention on December 27 to seal a motion related to his permission to travel outside the United States.
Confidentiality requested for sensitive medical information
Changpeng Zhao’s defense team has moved to seal various filings related to his travel plans, citing the inclusion of sensitive and private medical information concerning one of Zhao’s children. The court has yet to sign the public version of the order form, leaving the approval status unclear.
Background of the legal battle and travel restrictions
The legal saga began on November 21 when Zhao was charged with failing to maintain an effective anti-money laundering program at Binance. After reaching a plea deal and resigning as CEO, Zhao was granted bail but later faced restrictions on leaving the U.S. due to concerns about flight risks.
Zhao’s lawyers approached the U.S. District Court, seeking permission to return to the United Arab Emirates (UAE) where he has strong family ties. However, in agreement with government prosecutors, the court barred Zhao from exiting the United States, citing the lack of an extradition treaty with the UAE and concerns about his wealth.
Potential legal consequences for Changpeng Zhao
With a sentencing date set for February 23, 2024, Changpeng Zhao faces a maximum prison sentence of 18 months. Despite the gravity of the charges, some factors, including his clean criminal record prior to the case and the Department of Justice’s willingness to settle, suggest the possibility of a lighter sentence, possibly involving probation or house arrest.
Amid these legal proceedings, the former Binance CEO’s request for privacy in his travel plans sheds light on the personal aspects of the case, particularly concerning the well-being of his family. As the court evaluates the sealing request, the industry awaits further developments in this unfolding chapter of Changpeng Zhao’s professional and personal journey.