Changpeng “CZ” Zhao, the former CEO of Binance, has denied the claims made by the US Department of Justice that he poses a flight risk and would not return before his sentencing next year.
After pleading guilty, former Binance CEO Changpeng “CZ” Zhao wished to return to the UAE to be with his family, but the US authorities tried to prevent him.
Lawyers for Zhao pleaded with a US District Court in a court document dated November 23 to oppose the DOJ’s proposed change to Zhao’s bail terms.
The need for Zhao to be allowed to leave the United States and return to the United Arab Emirates before his sentencing in February 2024 was also emphasized.
His attorneys have made it clear that, despite the possibility of an 18-month jail sentence, their client has no intention of attempting to avoid punishment by remaining in the UAE.
All the facts and circumstances show that Mr. Zhao does not constitute a flight risk and should be allowed to stay at home with his family in the UAE until punishment, as Judge Tsuchida determined. It is appropriate to reject the government’s request.
In addition, Zhao’s legal team maintained that his return from the UAE to the US shows a sense of personal responsibility on his part.
“His intent is to settle the case and it would be irrational to take all of these material steps without a plan to show up for sentencing,” according to the complaint.
Prosecutors from the United States filed a court document on November 22 arguing that Zhao posed a flight risk and should be prevented from leaving the country.
It would be difficult for the government to ensure Zhao’s return if he opts not to return from the UAE for sentence, according to the DoJ.
Nonetheless, a bail document submitted to the court on November 21 revealed that Zhao was bound to return to the United States fourteen days before to his sentence date of February 23, 2024, and had a release bond of one hundred seventy-five million dollars.
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