Binance Founder CZ Seeks Court Order for Travel Permission Amid Legal Battle

• Changpeng ‘CZ’ Zhao, founder of Binance, has formally requested a federal court order related to travel permission, following a prior directive to remain in the U.S. until sentencing in February 2024.
• A motion to seal documents, including sensitive information about CZ’s child’s health, filed late December 27, added another layer to the ongoing legal proceedings.

In the ongoing legal saga involving Changpeng ‘CZ’ Zhao, founder of Binance, CZ has formally requested a federal court to issue an order pertaining to travel permission. This development follows a prior court directive instructing the former Binance CEO to remain within the continental United States between his plea and the scheduled sentencing in February 2024.

The attorney submitted a motion representing Changpeng Zhao to seal an earlier motion associated with the request for travel permission. This request to seal documents was filed late on December 27, seeking to protect sensitive and private medical information concerning CZ’s child.

The motion seeks the court’s approval to seal submissions related to both the permission to travel and the proposed order connected to the motion. According to CZ, the information contained in these documents involves sensitive details about the health of his child.

In a previous development, Judge Richard Jones had granted a motion by CZ to seal documents in opposition to the government’s review of the magistrate judge’s decision regarding the defendant’s travel restrictions before sentencing.

The magistrate judge had previously allowed CZ to travel to the United Arab Emirates (UAE) to be with his family, with the condition of returning before the scheduled sentencing. However, the Department of Justice (DOJ) prosecutors expressed concerns about the potential flight risk, suggesting CZ might flee to a country without an extradition treaty with the United States.

CZ’s Wealth Jumps By $25 Billion, BNB Price Shoots

Changpeng ‘CZ’ Zhao, the founder of Binance, has entered a guilty plea to charges brought forth by the U.S. Department of Justice (DOJ), specifically related to violations of anti-money laundering laws. This development prompted CZ to step down from his roles as CEO of Binance and Chairman of the Board of Directors for Binance.US. The prescribed guideline range for the offense suggests a potential imprisonment term of either 10-16 months or 12-18 months, taking into account the particulars of the situation.

Despite the legal challenges and associated developments, it has been reported that Changpeng ‘CZ’ Zhao experienced a significant increase in wealth during the year 2023, with his net worth surging by $25 billion. This financial uptick underscores the notable resilience of the cryptocurrency exchange, Binance, even amid legal scrutiny and other ongoing matters.

Binance’s native cryptocurrency BNB Coin witnessed a strong resurgence gaining more than 20% over the last week. With this BNB price rally, the cryptocurrency reclaimed the fourth spot from Solana. At press time, BNB is trading at $320 with a market cap of $48.4 billion.

In the current market scenario, the trajectory of Binance Coin (BNB) remains contingent on the battle between bulls and bears. Should the bulls successfully breach the resistance barrier at $330, BNB’s price will regain momentum, setting the stage for a potential test of the upper resistance level at $340 within the week.

Conversely, if bearish forces prevail, influencing the price downward, BNB may experience bearish trends, with an initial test of the support level at $310.