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Prosecutors Urge Detention of Binance's Ex-CEO CZ, Citing Flight Risk
Former Binance CEO, Changpeng Zhao (CZ), must not be allowed to leave the U.S. before his February sentencing for violating the Bank Secrecy Act, federal prosecutors argued in a court filing on Wednesday.
Despite Zhao's guilty plea and resignation from the crypto exchange he founded, prosecutors emphasized the risk of flight, especially given the severity of charges against Binance. The exchange pleaded guilty to various criminal and civil charges, leading to one of the largest corporate fines in the U.S. Department of Justice's history—$4.3 billion.
Addressing concerns raised by Magistrate Judge Brian Tsuchida about Zhao voluntarily surrendering in the U.S., prosecutors noted the distinction between voluntary surrender for guilty plea purposes and facing potential prison time, suggesting a continued risk of flight.
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Montenegro Court Greenlights Extradition of Do Kwon
Montenegro's court has granted approval for the extradition of Do Kwon, the head of Terraform Labs, satisfying requests from both South Korean and U.S. authorities. The final decision on Kwon's extradition destination rests with the country's Minister of Justice. The process is expected to follow after Kwon completes a four-month prison term for document forgery related to traveling with a fake passport.
South Korea is urging Montenegro to send Kwon back to his home country, while the United States is also seeking his extradition on fraud charges from the SEC and the Federal Prosecutor’s Office of New York. Both nations accuse Kwon of deliberate investor deception. In March, Montenegro police arrested Kwon for attempting to fly to Dubai with forged documents, and in June, he was released under house arrest after posting a €400,000 ($436,000) bail.
Singapore Proposes Stricter Regulations to Deter Crypto Retail Trading
The Monetary Authority of Singapore (MAS) has released its finalized responses to feedback on proposed regulations for cryptocurrency firms operating in the country. The regulatory measures aim to establish business conduct rules and restrict retail investor access to mitigate potential consumer harm caused by speculative crypto trading.
The new policies mandate companies to assess customers' risk awareness before granting access, prohibit trading incentives, financing, margin, or leverage, reject locally-issued credit card payments, and impose limits on crypto holdings in calculating net worth.
Despite these stringent regulations, MAS has displayed receptiveness to emerging crypto enterprises. In recent months, the authority granted licenses to Ripple and Coinbase, enabling them to provide digital payment token services as well as international and domestic money transfer services in Singapore.
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