Former Binance CEO, Changpeng “CZ” Zhao, is opposing the United States government’s attempt to prevent his return to the United Arab Emirates (UAE), where he wishes to be with his family while awaiting sentencing after pleading guilty to charges.
In a recent court filing dated November 23, Zhao’s legal team strongly urged a U.S. district judge to reject proposed changes to his bail conditions suggested by the U.S. Department of Justice (DOJ).
Zhao’s lawyers emphasized that he should be allowed to leave the United States and return to the UAE until his sentencing, scheduled for February 2024.
They made it clear that despite the potential 18-month prison sentence, Zhao has no intention of evading his sentencing in the UAE.
They cited Judge Tsuchida’s previous findings, which indicated that Zhao poses no flight risk and should be permitted to reside with his family in the UAE.
Furthermore, Zhao’s legal team argued that his actions, such as traveling from the UAE to the United States, demonstrate his intent to resolve the case and appear for sentencing.
They consider it illogical for him to take these steps if he planned to evade his responsibilities.
READ MORE: Hong Kong’s Hospital Authority Harnesses AI to Tackle Rising Superbug Threat
On November 22, U.S. prosecutors filed a court document suggesting that Zhao should not be allowed to leave the United States due to concerns about his potential flight risk.
The DOJ expressed concerns about the difficulty of ensuring Zhao’s return if he chose not to come back from the UAE for his sentencing.
However, a bond document submitted to the court on November 21 revealed that Zhao had posted a substantial $175 million release bond and committed to returning to the U.S. at least 14 days before his scheduled sentencing on February 23, 2024.
This development comes after Zhao’s agreement to step down as the CEO of Binance as part of his guilty plea to multiple charges brought by the DOJ.
While he will retain his majority stake in Binance, he is prohibited from holding an executive position within the crypto exchange.
It’s important to note that this agreement does not impact the ongoing litigation between Binance and the U.S. Securities and Exchange Commission, but it is expected to resolve the company’s issues with the Commodities Futures Trading Commission.
Discover the Crypto Intelligence Blockchain Council
