By: Eliza Bennet
Ex-Binance Chief, Changpeng Zhao seeks to shield components of his travel request citing confidential family health reasons. While Zhao attempts to make a trip out of America, public records fail to indicate whether the courts have granted these requests.
Zhao was at first indicted in November over the absence of a reliable anti-money laundering mechanism at Binance. He was granted bail and moved to prevent him from departing the U.S. due to his potential as a flight risk. The U.S. government might not be able to assure his return if Zhao travels to UAE due to the absence of an extradition treaty and his substantial wealth. He is scheduled to be sentenced in February 2024, facing a maximum prison sentence of 18 months.
In Binance's 2023 review report, substantial growth was highlighted despite facing legal disputes and regulatory scrutiny. The company emphasized that the direction of digital asset regulation has become clearer in some regions. Binance Square, a social platform for Web3 content, evolved from 1,200 to 11,000 creators and attracted more than 1.6 million daily active users. In addition, the development of Binance's in-house compliance tools indicates the company's commitment to compliance. Binance Coin (BNB) depicts a significant appreciation in its price, rallying to $330, a 21% increase over the last week.
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