Bitcoin News Thebittimes.Com

CZ’s travel to UAE was denied by a US judge despite a $4.5B Binance equity offer. Concerns over flight risk were cited due to Zhao’s substantial wealth and ties abroad. Sentencing for CZ, facing 10-18 months in prison, is set for February. Binance founder Changpeng ‘CZ’ Zhao faces a legal hurdle as a US federal judge rejects his request to travel to the UAE, despite offer ing $4.5 billion in Binance equity as security. The denial comes amid Zhao’s guilty plea to anti-money laundering charges and impending sentencing, adding complexity to his legal saga. Changpeng ‘CZ’ Zhao was pleading to travel to the United Arab Emirates for a family emergency and had $4.5 billion in Binance US equity as security. CZ’s flight risk concerns and sentencing The rejection of Zhao’s travel request underscores concerns about potential flight risks. A federal judge in Seattle had previously ruled that Zhao must remain in...

An Earthjustice lawyer said the hearings and discovery process would give Kentuckians a good idea what they would be paying for by subsidizing the facilities. The Kentucky Public Service Commission (PSC) has reportedly opened a formal investigation into two proposed contracts that would offer discounted electricity prices to new crypto-mining operations. According to a Dec. 5 statement from environmental law group Earthjustice, the government department would be looking to determine whether subsidizing crypto mining operations will raise electricity costs for Kentucky residents. The two Mining contract s under investigation include one between Kentucky Power and Ebon International LLC, which runs a 250-megawatt Mining facility in Louisa, as well as Mining company Bitki-KY, which operates a 13-megawatt facility in Waverly, Kentucky. The contract proposes to give discounted electricity rates to the Ebon Facility, while the Bitki-KY has already received a $250,000 tax credit from the sta...