Changpeng Zhao, also known as CZ Binance, the former CEO of Binance, is contesting the attempts by the U.S. government to impede his return to the United Arab Emirates (UAE) to be with his family during the period leading up to his sentencing following a guilty plea.
In a court filing on November 23, Zhao’s legal team urged a U.S. district judge to reject the proposed changes to his bail conditions presented by the U.S. Department of Justice (DOJ). They emphasized that Zhao should be allowed to leave the U.S. and return to the UAE until his sentencing in February 2024.
His lawyers strongly asserted that Zhao had no intention of evading his sentencing date despite the potential 18-month prison term. They highlighted that all facts and circumstances indicate that Zhao poses no flight risk and should be permitted to reside with his family in the UAE until sentencing.
Zhao’s legal team argued that he had taken responsibility for his actions by voluntarily flying from the UAE to the United States, emphasizing his commitment to resolving the case and appearing for sentencing.
On November 22, U.S. prosecutors submitted a court filing, arguing for restrictions on Zhao’s travel, citing a perceived flight risk. The DOJ claimed that if Zhao chose not to return from the UAE for sentencing, ensuring his return would be challenging for the government.
However, a bond document filed on November 21 revealed that Zhao had a $175 million release bond and committed to returning to the U.S. 14 days before his sentencing date on February 23, 2024.
This development comes after Zhao agreed to step down as CEO of Binance while pleading guilty to several charges from the DOJ. Despite maintaining his majority stake in Binance, he is barred from holding an executive position at the crypto exchange as per the terms of the agreement.
It’s important to note that this deal does not impact Binance’s ongoing legal battles with the U.S. Securities and Exchange Commission. Still, it does resolve the company’s issues with the Commodities Futures Trading Commission.
