Former Binance CEO Changpeng "CZ" Zhao has opposed the US government's efforts to block his return to the United Arab Emirates (UAE) to be with his family while he awaits sentencing following his guilty plea. .
in a court presentation On Nov. 23, Zhao's lawyers urged a U.S. district judge to reject a proposed modification to his bail conditions, as submitted by the U.S. Department of Justice (DoJ). ).
It was further reiterated that Zhao should be granted permission to leave the United States and return to the United Arab Emirates until his sentencing in February 2024.
The lawyers firmly stated that he has no intention of staying in the UAE to evade his sentencing date, despite the possible 18-month prison sentence.
โAs Judge Tsuchida concluded, all the facts and circumstances amply demonstrate that Mr. Zhao does not present a flight risk and should be allowed to reside at home with his family in the United Arab Emirates until sentencing. The government's motion should be rejected.โ
Additionally, Zhao's lawyers argued that he took responsibility for his actions by flying from the United Arab Emirates to the US.
"His intention is to resolve this case and it would be illogical to take all these material measures without the intention of appearing to receive a sentence," the document states.
On November 22, US prosecutors filed a court filing, stating that Zhao should be restricted to leave the United States due to the perceived risk of flight.
The Justice Department says that if Zhao decides not to return for sentencing from the United Arab Emirates, securing his return would pose challenges for the government.
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However, according to a bail document filed in court on November 21, it was revealed that Zhao had a release bond of $175 million and promised to return to the US 14 days before his arrest date. sentence on February 23, 2024.
This comes after Zhao agreed to step down as CEO of Binance amid pleading guilty to several charges levied by the Department of Justice.
Although the agreement allows you to maintain your majority stake in Binancehe will not be allowed to hold an executive position at the crypto exchange.
The treatment is not affect pending litigation that Binance has against the US Securities and Exchange Commission (SEC), however, will resolve the company's issues with the Commodity Futures Trading Commission (CFTC).
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