Home Blockchain News Former Binance CEO Zhao appeals to judge for permission to depart the U.S. prior to sentencing

Former Binance CEO Zhao appeals to judge for permission to depart the U.S. prior to sentencing

by Michael Stark

H2: Former Binance CEO Fights Justice Department’s Attempt To Bar Him From Returning Home

Former Binance CEO Changpeng Zhao is now facing legal battles regarding his return to his home in the UAE after his guilty plea for violating anti-money laundering requirements.

H3: Legal Battle Over Bail Conditions

Lawyers for Zhao are urging a U.S. judge to reject the Justice Department’s request to bar him from returning to his home in the United Arab Emirates until he is sentenced for violating anti-money laundering requirements. Zhao’s legal team filed a response asking U.S. District Judge Richard Jones in Seattle not to reverse the bail conditions set by a magistrate judge that would allow him to leave the U.S. while awaiting sentencing.

H3: Guilty Plea and Consequences

Zhao, who is a citizen of the UAE and Canada, stepped down as CEO of Binance after pleading guilty to willfully causing the global cryptocurrency exchange to fail to maintain an effective anti-money laundering program. The guilty plea was related to U.S. authorities’ claims that Binance broke U.S. anti-money laundering and sanctions laws and failed to report suspicious transactions with organizations described as terrorist groups. As part of a plea deal, Binance agreed to pay over $4.3 billion, while Zhao agreed to pay a $150 million penalty to the U.S. Commodity Futures Trading Commission.

H3: Legal Arguments

The Justice Department has asked a U.S. judge to reverse a decision to allow Zhao to return home to the UAE ahead of his sentencing after he was released on a $175 million bail bond. The government has raised concerns about Zhao’s potential flight risk, given his significant assets and the lack of an extradition treaty with the UAE. However, Zhao’s lawyers argue that he had demonstrated he was not a flight risk by agreeing to a “substantial” bail package and by voluntarily coming to the U.S. to accept responsibility for his actions.

H3: Current Position

The Justice Department responded by stating that allowing Zhao to remain free before sentencing was an “exceptional” decision, and in most cases, a defendant in a similar position would be detained. The brief highlighted the potential risk of Zhao not returning for sentencing.

The legal battle continues as both sides present their arguments about Zhao’s bail conditions and his right to return home to the UAE. The judge is expected to make a decision on whether to uphold the current bail conditions or restrict Zhao’s ability to return to his home country.

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