Binance founder Changpeng ‘CZ’ Zhao is not a flight risk, his lawyers say

Binance’s founder, Changpeng “CZ” Zhao, poses “no flight risk” and should be allowed to return to the UAE for the time being, a filing on Thursday said.

the Partially revised document A filing by the US Department of Justice was rejected, arguing that Chow should not be allowed to leave the US before his sentencing in February after he pleaded guilty to one count of violating the Bank Secrecy Act. Chow has already proven that he would not be a flight risk by the fact that he came to the United States to file this petition, his lawyers said. The district judge overseeing his case, Judge Brian Tsuchida, had already agreed that Chow’s initial presence was convincing, the filing said.

“Based on all relevant facts, including Mr. Chow’s voluntary surrender, his determination to resolve this case, and the large bail package he proposed, Judge Tsuchida found that Mr. Chow does not pose a flight risk, even while residing in the Democratic Republic of the Congo.” UAE United Arab Emirates,” as stated in the file.

Binance pleaded guilty to several charges alongside Zhao earlier this week, agreeing to pay a massive $4.3 billion fine, appoint monitors to oversee its compliance program and review its past transactions and accept Zhao’s resignation as CEO. Richard Teng, former head of regional markets at Binance, has taken over as CEO.

Chow was released on $175 million personal recognizance on Tuesday. However, his lawyers and the Justice Department are arguing over whether he can return to the UAE, where he is a citizen and where his family lives, or whether he should remain in the United States. If Zhao returns to the UAE, he must return to the UAE. The United States two weeks before the ruling.

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The Justice Department said Chow could afford to lose the $15 million he placed in a trust account and the $5 million paid by his guarantors. Zhao’s lawyers said this argument ignores the financial commitment he and Binance have made. Other Justice Department arguments similarly ignore everything Zhao actually did, such as traveling to the United States initially, they said.

“Despite all of this information and Judge Tsuchida’s consideration of it, the government offers no meritorious — or additional — basis for insisting that Mr. Chow remain in the United States away from his family for the months between his confession and sentencing.” Filing said.

Chow is currently scheduled to be sentenced on February 23, 2024. He faces a potential sentence of 18 months in prison and agreed to pay a $50 million fine in his plea agreement.

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