Billionaire Binance founder Changpeng Zhao has been bunkered down in Dubai as French prosecutors examine the world’s largest crypto change for alleged cash laundering, in line with a number of colleagues who’ve been in contact with him.
Zhao, generally referred to as CZ, had historically break up his time between Dubai, Paris, and different international cities together with in Southeast Asia, however he has averted touring to France for the reason that investigation was reported by French media about two weeks in the past. Within the U.S., the Securities and Change Fee has sued Binance and CZ, accusing them of deceptive traders and diverting buyer funds.
The U.S. and the United Arab Emirates wouldn’t have an extradition treaty, however France and the UAE have had an settlement since 2007. Dubai has ramped up enforcement of extradition pacts following a downgrade from international watchdog Monetary Motion Process Power final yr.
A Binance spokesperson disputed the characterization, saying CZ has a house in France that he makes use of incessantly and that he’s nonetheless touring for enterprise. The change additionally mentioned “we abide by all legal guidelines in France, simply as we do in each different market.”
The corporate doesn’t declare a set location for its headquarters, with CZ claiming prior to now that the agency is predicated wherever he’s at any second.