Binance Founder Considered a “Serious Flight Risk” by Prosecutors
The founder of Binance, Changpeng Zhao, has been labeled a “serious flight risk” by federal prosecutors who argue that he should not be allowed to leave the United States before his sentencing in February. The prosecutors stated in a court filing that there are no conditions sufficient to ensure Zhao’s return from the United Arab Emirates (UAE), where he currently resides.
Zhao is currently permitted to leave the U.S. under his current bond agreement, having already put up $15 million in a trust account and signed a $175 million personal recognizance bond with guarantors. However, his attorneys argued that forcing him to stay in the U.S. until his sentencing would be a hardship for him and his family, as they cannot relocate during this time.
Magistrate Judge Brian Tsuchia questioned whether Zhao truly posed a serious flight risk since he voluntarily came to the U.S. to plead guilty. A prosecutor clarified that there is a distinction between voluntarily coming to plead guilty and doing so while facing potential prison time.
Zhao is scheduled to be sentenced on February 23 and could face more than a year in jail. He will remain in the U.S. until at least November 27, unless District Judge Richard Jones chooses not to review the Department of Justice’s filing by that day.
Hot Take: Binance’s Troubles Continue as Founder Faces Flight Risk Allegations
The allegations against Binance founder Changpeng Zhao highlight the ongoing legal challenges faced by the cryptocurrency exchange. Being labeled a “serious flight risk” by federal prosecutors raises concerns about Zhao’s potential escape from justice. This development adds another layer of uncertainty to Binance’s future, as its founder’s legal troubles continue to unfold.
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