Former Binance CEO Fights US Attempt to Stay Pending 2024 Sentencing
Summary:
Ex-CEO of Binance, Changpeng "CZ" Zhao, has challenged the US government's attempt to prevent his return to the UAE to await sentencing. His legal team appealed in a November 23 court filing for the rejection of a proposed change in his bail conditions by the U.S. Department of Justice, further advocating for his departure from the U.S. until sentencing in 2024. Zhao's lawyers also emphasised his intent to resolve the case. The filing follows Zhao's agreement to step down as Binance's CEO while admitting guilt to several DoJ charges.
Former boss of Binance, Changpeng "CZ" Zhao has actively protested against U.S. government's attempts to prohibit him from returning to the UAE to be with his family while he anticipates his sentencing. In a court document filed on November 23, the representation team of Zhao appealed to the judge to disallow the suggested change in his bail situation, as set by the U.S. Department of Justice (DoJ). They further reinforced the demand to allow Zhao to exit the U.S. and go back to the UAE until his sentencing in February 2024. The attorneys adamantly affirmed that Zhao does not plan on remaining in the UAE to avoid his sentencing, in spite of a probable 18-month imprisonment.
As quoted from the court documentation in the US District Court for the Western District of Washington: “Judge Tsuchida's findings confirms that Mr. Zhao is no flight risk and should be allowed to stay with his family in the UAE until the time of sentencing. The government’s request should be turned down."
Additionally, the lawyer team of Zhao made a case for him, stating his decision to fly back from the UAE to the U.S. exhibits his readiness to take accountability for his actions. "His goal is the resolution of this case, and it would be illogical for him to have taken such significant steps without the intention to appear for his sentencing," the document stated.
On November 22, U.S. prosecutors filed a document in court, suggesting that due to his potential flight risk, Zhao should be barred from departing the United States. They claimed that if he chooses not to come back from the UAE for his sentencing, pressing him to return to the U.S. would cause difficulties for the authorities.
The situation follows Zhao's agreement to relinquish his CEO position at Binance after admitting guilt to several charges brought forth by the U.S. Department of Justice (DoJ). While the deal allows him to retain his majority stake in Binance, he is barred from holding any managerial role at the cryptocurrency exchange. The agreement does not interfere with the ongoing litigation that Binance has against the U.S. Securities and Exchange Commission (SEC), but will tackle the issues the company has with the Commodities Futures Trading Commission (CFTC).
Published At
11/25/2023 5:49:33 AM
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