Former Binance CEO Opposes U.S. Government’s Efforts to Block Return to UAE
Changpeng “CZ” Zhao, the former CEO of Binance, has voiced his opposition to the United States government’s attempt to prevent him from returning to the United Arab Emirates (UAE) to be with his family while awaiting sentencing.
Zhao’s Lawyers Argue Against Proposed Bail Conditions
Zhao’s lawyers filed a document urging the judge to reject the proposed alteration of his bail conditions. They emphasized that he should be allowed to leave the U.S. and return to the UAE until his sentencing in February 2024. The lawyers stated that Zhao has no intention of evading his sentencing and that he has taken responsibility for his actions by traveling to the U.S.
U.S. Prosecutors Claim Flight Risk
In contrast, U.S. prosecutors argued that Zhao should be restricted from leaving the country due to the perceived risk of flight. They expressed concerns about ensuring his return if he goes back to the UAE.
Bond Document Reveals Zhao’s Commitment
A bond document filed with the court revealed that Zhao has a $175 million release bond and has committed to returning to the U.S. 14 days before his sentencing date.
CZ Steps Down as Binance CEO
Zhao recently agreed to step down as CEO of Binance after pleading guilty to multiple charges brought by the Department of Justice. While he will retain his majority stake in Binance, he will no longer hold an executive position at the exchange.
Hot Take: CZ Fights for Return Home Amid Legal Battles
Former Binance CEO Changpeng “CZ” Zhao is actively opposing the U.S. government’s efforts to prevent his return to the UAE while awaiting sentencing. His lawyers argue that he poses no risk of flight and should be allowed to reside with his family until his sentencing in 2024. On the other hand, U.S. prosecutors claim that ensuring his return would be challenging if he goes back to the UAE. Despite this, Zhao has a $175 million release bond and has committed to returning to the U.S. before his sentencing date. This situation unfolds as Zhao steps down as CEO of Binance but retains his majority stake.
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