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DOJ Flags Binance’s Ex-CEO CZ as a Significant Flight Risk

DOJ Flags Binance’s Ex-CEO CZ as a Significant Flight Risk

Key takeaways:




Government prosecutors in the US are attempting to prevent CZ from departing the nation due to fears about his possible danger of escape.



Prosecutors stated in an ancillary letter that the government would not be able to secure Zhao’s return if he chose not to return to the US.




Government prosecutors in the United States are attempting to prevent Changpeng “CZ” Zhao, the former CEO of Binance, from departing the nation due to fears about his possible danger of escape.



US prosecutors asked for a review and overturn of a judge’s ruling, which had allowed CZ to return to his home in the United Arab Emirates (UAE) on a $175 million bond , provided that he returned to the US two weeks prior to his February 2024 sentencing, in a filing made to a federal court in Seattle on November 22.



US prosecutors stated in a proposed order that if CZ is allowed to leave the country while awaiting punishment, he poses an intolerable danger of fleeing and failing to appear.



Prosecutors stated in an ancillary letter that the government would not be able to secure Zhao’s return if he chose not to return to the US.



As justification for preventing CZ from leaving the country, the administration cited his connections and preferred status in the United Arab Emirates (UAE) and the absence of an extradition agreement between the two nations.




“He has three young children and a partner in the UAE; once in the UAE and faced with the prospect of traveling back to the United States to face up to 18 months in prison, he may elect to instead simply stay in the UAE with his family.”




CZ may live off of his fortune in the UAE indefinitely, according to the prosecution, because the great majority of it is held outside of US law.



The government further said that CZ’s bond was insufficient because the bulk of the $175 million utilized to obtain his release was not within US jurisdiction.



CZ recently acknowledged that he had neglected to keep Binance’s anti-money laundering program up to date. As part of his plea deal, he agreed to resign as the exchange’s CEO and pay a $50 million fine.



CZ will remain in the United States until at least November 27. CZ is free to go back to the UAE, but he needs to return to the US by February 10 if District Judge Richard Jones decides not to consider the DOJ filing by 5:00 p.m. Pacific Time on that day.


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