LIVEJudge bans Changpeng Zhao from leaving US until sentencing
A US court has not allowed Changpeng Zhao (CZ) to return to the UAE pending a request from the Department of Justice to prevent the former Binance CEO from leaving the country due to flight risks.
Judge Richard A. Jones upheld colleague Brian Tsuchida's decision, which allowed CZ to return to his family in Dubai. He limited this possibility pending consideration of the above-mentioned US Government petition.
On November 21, during a deal with the department, the exchange paid $4.3 billion, and CZ agreed to a fine of $50 million and resignation from the position of CEO.
He posted bail of $175 million to remain free until sentencing on February 23, 2024. However, prosecutors demanded that the former head of the platform be prohibited from leaving the United States for fear of escape. They identified significant wealth outside the country and minimal connections with it as risks.
The prosecution then said that the ex-head of Binance did not provide clear and convincing evidence that he would not flee if he returned to the UAE.
On November 23, lawyers challenged the petition to ban Zhao from leaving the United States.
On November 26, the US Department of Justice clarified that until the court’s decision, CZ should remain free, but not leave the United States due to a “manageable risk of flight.” In contrast to the previous motion, prosecutors clearly and unequivocally stated that when reaching a verdict, they could insist that Zhao be sentenced to ten years in prison .
