DOJ: Changpeng “CZ” Zhao is a Flight Risk and should Remain in the US

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US prosecutors have expressed concern over former Binance CEO Changpeng “CZ” Zhao’s potential flight threat. 

Federal prosecutors for the US Division of Justice are attempting to cease CZ from leaving the US, citing concern over his potential flight threat—Zhao is at present underneath a $175 million release bond, which is now underneath evaluate by US prosecutors.  

Concern That CZ Would Not Return from the UAE

The previous Binance CEO and founder is at present on a $175 million launch bond that will enable his to return to his dwelling within the United Arad Emirates (UAE), underneath the situation that he return fourteen (14) days earlier than his sentencing in February 2024. In a November 22 filing to a Seattle federal court docket, US prosecutors requested a evaluate of the bond and the decide’s determination to permit CZ to return to the UAE. 

An excerpt from the submitting reads:

“After Justice of the Peace Decide Tsuchida’s ruling on this problem, the federal government gave discover that it could search evaluate of that call based mostly on the substantial threat of flight posed by Zhao. Accordingly, the federal government now respectfully information this movement for evaluate of Justice of the Peace Decide Tsuchida’s determination by the Courtroom and requests that the Courtroom order that Zhao shouldn’t be permitted to return to the UAE earlier than sentencing.” 

Within the submitting, prosecutors additional recommend that “Zhao presents an unacceptable threat of flight and nonappearance if he’s allowed to go away the US pending sentencing.” In an accompanying letter, prosecutors additionally stated if CZ determined to not return to the US, the federal government “wouldn’t be capable of safe his return.” 

The prosecutors additional argued that Zhao’s ties to the UAE and the US’s lack of an extradition treaty with the UAE is all of the extra motive to not enable CZ to go away the nation.

The arguments suppose:

“He has three younger youngsters and a associate within the UAE; as soon as within the UAE and confronted with the prospect of touring again to the US to withstand 18 months in jail, he could elect to as a substitute merely keep within the UAE along with his household.”

CZ Steps Down as Binance CEO

In a stunning announcement earlier this week, Changpeng Zhao introduced that he was stepping down as CEO of Binance. The transfer got here after it was revealed that Binance is dealing with a $4.3 billion fine and legal fees from the US authorities. 

Binance now faces one of the vital fines in business historical past, which pertains to allegations of Binance’s involvement in violating anti-money laundering legal guidelines and sanctions. 

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