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by Mike Caswell

Changpeng Zhao, a Canadian awaiting sentencing in the United States on criminal charges arising from the Binance cryptocurrency exchange, has once again lost an effort to leave the country. He had asked a Seattle judge if he could travel for a medical procedure that would occur in the United Arab Emirates, where his family lives. He offered to pledge all of his shares in Binance's U.S. operation, which he claimed were worth $4.5-billion. (All figures are in U.S. dollars.)

The request from Mr. Zhao came as part of a case in which federal prosecutors in Seattle cited him for violations of the Bank Secrecy Act. They claim that he ran Binance, the world's largest cryptocurrency exchange, as it facilitated illegal transfers of money in and out of the United States. In particular, it allowed $898-million in trades between users in the U.S. and Iran, the government said.

Mr. Zhao pleaded guilty on Nov. 21, 2023, as part of an agreement that will see Binance pay $4.3-billion. After his guilty plea, the judge released Mr. Zhao on a $175-million appearance bond, secured by $15-million in cash. Mr. Zhao had sought permission to leave the country and return for sentencing, but the judge denied that request on Dec. 7, 2023, citing the possible flight risk.

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