CZ Files Opposition to Government’s Motion
Former Binance CEO Changpeng Zhao (CZ) has filed an opposition to the U.S. government’s motion for review of the judge’s ruling on his presentencing travel restrictions.
The government charged Zhao with failing to maintain an effective anti-money laundering program and also filed charges against Binance. However, Judge Brian Tsuchida issued a release order that allows CZ to return home to the UAE before his sentencing.
Defense Argues No Flight Risk
CZ’s legal team presented arguments stating that Zhao is not a flight risk. They emphasized that he voluntarily appeared in court and pleaded guilty, demonstrating his willingness to take responsibility for his actions. The defense also pointed out that CZ flew to the U.S. on his own accord and stepped down as the CEO of Binance.
As part of the resolution with the Department of Justice, CZ will pay a historic sum of over $4.3 billion, including a personal penalty of $150 million to the CFTC.
Judge Orders Release with Bail Conditions
After considering the arguments from both sides, Judge Tsuchida ordered CZ’s release and allowed him to return home to the UAE. However, certain conditions must be met. These include posting a $175 million personal recognizance bond with three guarantors, consisting of cash pledges and real property.
Hot Take: CZ Seeks Dismissal of Government’s Motion
Former Binance CEO Changpeng Zhao (CZ) is pushing for the dismissal of the U.S. government’s motion to prevent him from returning home to the UAE before his sentencing. CZ’s defense argues that he is not a flight risk because he willingly appeared in court and pleaded guilty. Despite the judge already determining that CZ can be released with bail, the government is seeking further restrictions on his travel. CZ’s legal team highlights his voluntary actions and the significant financial penalties he will face. Ultimately, the decision rests with the court, which has already ordered CZ’s release on bail with specific conditions.
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