Binance’s Ex-CEO Disputes Flight Risk Label Amid DOJ Claims

Changpeng Zhao, former Binance CEO, is facing opposition over returning to UAE amidst pending sentencing in the United States.

Changpeng Zhao sitting on a plane wing looking up.
Created by Kornelija Poderskytė from DailyCoin
  • Former Binance CEO has opposed the U.S. government’s attempt to block his return to the UAE.
  • A legal tug-of-war has ensued as CZ’s lawyers have stressed his commitment to facing sentencing.
  • CZ’s team has highlighted his actions while aiming to resolve the case, countering flight risk allegations.

Former Binance CEO Changpeng “CZ” Zhao opposes the United States government’s attempt to prevent his return to the United Arab Emirates (UAE) to be with his family while waiting for sentencing after admitting guilt.

CZ’s lawyers urged a US District judge to reject the proposed changes to his bail conditions suggested by the U.S. Department of Justice (DOJ), In a court filing dated November 23. They stressed that CZ should be allowed to return to the UAE until his sentencing in February 2024.

His lawyers firmly stated that he doesn’t plan to stay in the UAE to avoid his sentencing, even though he might face up to 18 months in prison. Additionally, CZ’s legal team argued that he’s taken responsibility for his actions by flying from the UAE to the U.S.

“His intent is to resolve this case and it would be illogical to take all of these material steps without the intent to appear for sentencing,” the filing highlighted.

U.S. Prosecutors Seek to Prevent CZ’s Exit

On November 22, U.S. prosecutors filed a document in court suggesting that CZ should be stopped from leaving the United States because of the risk that he might not come back for sentencing if in the UAE.

The DOJ claims that ensuring CZ’s return from the UAE for sentencing would be challenging. However, a bond document filed on November 21 revealed that CZ has a $175 million release bond and has committed to returning to the U.S. 14 days before his sentencing on February 23, 2024.

On the Flipside

  • CZ’s legal team emphasizes his proactive steps in flying from the UAE to the U.S. as a sign of taking responsibility. However, the DOJ’s stance indicates skepticism regarding his future compliance with sentencing obligations.
  • Despite stating intent to return, CZ could potentially backtrack on this commitment later.

Why This Matters

The unfolding legal proceedings involving the former CEO of Binance, the world’s top cryptocurrency exchange, bear immense significance. As the foremost platform in the crypto sphere, developments in this case could potentially influence industry regulations, market stability, and the perception of accountability within major crypto entities.

To learn more about the former Binance CEO’s apprehension during testimony, read here:
Binance Ex-CEO Confesses To Feeling Scared In Testimony

To delve into the market’s uncertainty following CZ’s departure from Binance and the settlement with the DOJ, click here:
Market Conflicted as CZ Quits and Binance Settles with DOJ

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Kyle Calvert

Kyle Calvert is a cryptocurrency news reporter for DailyCoin, specializing in Ripple, stablecoins, as well as price and market analysis news. Before his current role, Kyle worked as a student researcher in the cryptocurrency industry, gaining an understanding of how digital currencies work, their potential uses, and their impact on the economy and society. He completed his Masters and Honors degrees in Blockchain Technology within Esports and Business and Event management within Esports at Staffordshire University.