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Binance Founder Ordered To Stay Put In The US In Ongoing Probe

Binance Co-founder and former Chief Executive Officer (CEO) Changpeng CZ Zhao, has been confined to remain in the United States in advance of his sentencing expected to take place next year.

Former Binance CEO No Longer Leaving The US

The Binance co-founder has been ordered by US District Judge Richard Jones to remain in the country in a ruling on Thursday. Zhao was instructed to stay in the US due to the significance of his recent guilty plea.

The ruling read:

As relief, the government requests that Mr. Zhao be required to remain in the continental United States in the period between his plea and sentencing.

The Thursday ruling reversed an earlier decision that would have allowed Zhao to return to the United Arab Emirates (UAE). Jones acknowledged in his decision the arguments provided by Zhao, which ordinarily would result in the government’s motion being denied. 

However, Jones highlighted the distinctive features of Zhao’s case. These include his riches, the absence of an extradition treaty with the UAE, and Zhao’s family living in the UAE.

Furthermore, the judge also highlighted that Zhao poses a flight risk if he were allowed to return to the UAE. This is due to the former CEO’s substantial assets and the meager connections he has to the United States.

Additionally, knowing that the Binance ex-CEO faces a potential 18-month sentence in prison also sparks a possible flight risk. Jones asserted that Zhao is asking for a lesser sentence, which might lead to 18 months of incarceration as indicated by the government.

The judge stated that despite promises that CZ wouldn’t flee if permitted to travel to the UAE, the court wasn’t convinced. This led to the order that he should remain in the US until his sentencing on February 23, 2024.

So far, the court stated in the ruling that its decision is not based on Zhao’s citizenship and alienage. “The risk of the defendant not showing up is posed by the circumstances surrounding their combined facts,” the court said.

Changpeng “CZ” Zhao’s Guilty Plea

Last Month, the former Binance CEO pleaded guilty and stepped down from the cryptocurrency exchange he founded about 6 years ago. Zhao’s plea to one count of violating the Bank Secrecy Act was formally accepted by Judge Jones.

Jones accepted the plea after a thorough consideration report and recommendation of the United States Magistrate Judge which found him guilty.

Jones wrote:

This Court, having considered the Report and Recommendation of the United States Magistrate Judge, to which there has been no timely objection, hereby accepts the plea of guilty of the defendant.

His plea was accepted just over two weeks after both he and Binance acknowledged a number of criminal and civil charges. These include failure to maintain an appropriate anti-money laundering program, running an unlicensed money transfer business, and violation of sanctions law.

Binance

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Robinhood (HOOD) Extends Trading Services To The UK

Robinhood, a major player in the United States financial technology industry is set to stretch out its trading services in the United Kingdom for the purpose of growing its business globally.

Robinhood To Offer US Stock Trading In the UK

Co-founder and Chief Executive Officer (CEO) of Robinhood Vladimir Tenev confirmed the expansion toward the UK sector in an interview with Bloomberg. According to the CEO, the expansion aims to bring the US stocks into the UK market.

The CEO stated:

The intention is, for the U.K. market, Robinhood to be the best place to invest U.S. stocks, U.S. dollars, and we believe we can fill that need better than anyone else.

Tenev noted that the company plans to gradually extend its platform to all users in the United Kingdom in early 2024. With the launch, consumers in the UK market will be able to trade 6,000 equities in the US market. 

The CEO further asserted that a waitlist has been made available to people who wish to gain early assess to the app. Furthermore, the platform’s launch in the UK is under the Financial Conduct Authority (FCA) regulation.

Additionally, the platform offers users features like a five percent interest, and can change their uninvested funds from pounds to dollars. These offers aim to attract a larger range of investors, particularly those with little financial resources.

Robinhood’s expansion sparks wider growth for its business globally. The CEO explained, “I aspire for Robinhood to be a global company. That’s been the plan from the very beginning. Baiju and I started this company as immigrants and children of immigrants, and so, the idea of making our services […] available to anyone in the world is just the vision that I had in mind from the very beginning.”

The company’s entry into the UK market also puts it in direct competition with national and international companies. These include companies like Public.com, based in New York, Revolut, and Freetrade, among others.

Zero – Fee Trading Initiative

The CEO also underscored the platform’s commitment to offering Zero-Fee trading and accessible trading alternatives for UK users. This initiative is similar to the effective charge reduction strategy that was put in place in the US before the epidemic.

Notably, Robinhood does not demand any commission fee for buying and selling stocks on the platform. Due to this, individuals can start creating their investment portfolios with a minimum of one US dollar (79p).

Tenev explained:

So we are launching imminently to the initial set of customers in the UK, and what we are launching is a commission-free share trading of US stocks.

With its zero-fee trading strategy, the platform’s introduction into the UK market will completely change how average investors interact with the stock market.

Also, with its focus on technology and user-centric features, the platform is poised to impact the current market. It will also bring fresh energy to the UK investment landscape.

Bitcoin

Posted on

Robinhood (HOOD) Extends Trading Services To The UK

Robinhood, a major player in the United States financial technology industry is set to stretch out its trading services in the United Kingdom for the purpose of growing its business globally.

Robinhood To Offer US Stock Trading In the UK

Co-founder and Chief Executive Officer (CEO) of Robinhood Vladimir Tenev confirmed the expansion toward the UK sector in an interview with Bloomberg. According to the CEO, the expansion aims to bring the US stocks into the UK market.

The CEO stated:

The intention is, for the U.K. market, Robinhood to be the best place to invest U.S. stocks, U.S. dollars, and we believe we can fill that need better than anyone else.

Tenev noted that the company plans to gradually extend its platform to all users in the United Kingdom in early 2024. With the launch, consumers in the UK market will be able to trade 6,000 equities in the US market. 

The CEO further asserted that a waitlist has been made available to people who wish to gain early assess to the app. Furthermore, the platform’s launch in the UK is under the Financial Conduct Authority (FCA) regulation.

Additionally, the platform offers users features like a five percent interest, and can change their uninvested funds from pounds to dollars. These offers aim to attract a larger range of investors, particularly those with little financial resources.

Robinhood’s expansion sparks wider growth for its business globally. The CEO explained, “I aspire for Robinhood to be a global company. That’s been the plan from the very beginning. Baiju and I started this company as immigrants and children of immigrants, and so, the idea of making our services […] available to anyone in the world is just the vision that I had in mind from the very beginning.”

The company’s entry into the UK market also puts it in direct competition with national and international companies. These include companies like Public.com, based in New York, Revolut, and Freetrade, among others.

Zero – Fee Trading Initiative

The CEO also underscored the platform’s commitment to offering Zero-Fee trading and accessible trading alternatives for UK users. This initiative is similar to the effective charge reduction strategy that was put in place in the US before the epidemic.

Notably, Robinhood does not demand any commission fee for buying and selling stocks on the platform. Due to this, individuals can start creating their investment portfolios with a minimum of one US dollar (79p).

Tenev explained:

So we are launching imminently to the initial set of customers in the UK, and what we are launching is a commission-free share trading of US stocks.

With its zero-fee trading strategy, the platform’s introduction into the UK market will completely change how average investors interact with the stock market.

Also, with its focus on technology and user-centric features, the platform is poised to impact the current market. It will also bring fresh energy to the UK investment landscape.

Bitcoin

Posted on

Robinhood (HOOD) Extends Trading Services To The UK

Robinhood, a major player in the United States financial technology industry is set to stretch out its trading services in the United Kingdom for the purpose of growing its business globally.

Robinhood To Offer US Stock Trading In the UK

Co-founder and Chief Executive Officer (CEO) of Robinhood Vladimir Tenev confirmed the expansion toward the UK sector in an interview with Bloomberg. According to the CEO, the expansion aims to bring the US stocks into the UK market.

The CEO stated:

The intention is, for the U.K. market, Robinhood to be the best place to invest U.S. stocks, U.S. dollars, and we believe we can fill that need better than anyone else.

Tenev noted that the company plans to gradually extend its platform to all users in the United Kingdom in early 2024. With the launch, consumers in the UK market will be able to trade 6,000 equities in the US market. 

The CEO further asserted that a waitlist has been made available to people who wish to gain early assess to the app. Furthermore, the platform’s launch in the UK is under the Financial Conduct Authority (FCA) regulation.

Additionally, the platform offers users features like a five percent interest, and can change their uninvested funds from pounds to dollars. These offers aim to attract a larger range of investors, particularly those with little financial resources.

Robinhood’s expansion sparks wider growth for its business globally. The CEO explained, “I aspire for Robinhood to be a global company. That’s been the plan from the very beginning. Baiju and I started this company as immigrants and children of immigrants, and so, the idea of making our services […] available to anyone in the world is just the vision that I had in mind from the very beginning.”

The company’s entry into the UK market also puts it in direct competition with national and international companies. These include companies like Public.com, based in New York, Revolut, and Freetrade, among others.

Zero – Fee Trading Initiative

The CEO also underscored the platform’s commitment to offering Zero-Fee trading and accessible trading alternatives for UK users. This initiative is similar to the effective charge reduction strategy that was put in place in the US before the epidemic.

Notably, Robinhood does not demand any commission fee for buying and selling stocks on the platform. Due to this, individuals can start creating their investment portfolios with a minimum of one US dollar (79p).

Tenev explained:

So we are launching imminently to the initial set of customers in the UK, and what we are launching is a commission-free share trading of US stocks.

With its zero-fee trading strategy, the platform’s introduction into the UK market will completely change how average investors interact with the stock market.

Also, with its focus on technology and user-centric features, the platform is poised to impact the current market. It will also bring fresh energy to the UK investment landscape.

Bitcoin