Former Binance CEO Changpeng Zhao, awaiting sentencing following his guilty plea, is contesting the U.S. government's attempts to prevent his return to the United Arab Emirates (UAE) to be with his family.
In a court filing dated November 23, Zhao's legal team strongly advocated against the U.S. Department of Justice's (DOJ) proposal to alter his bail conditions. They reiterated Zhao's plea to permit him to depart the United States and reunite with his family in the UAE until his sentencing, which is scheduled for February 2024. His lawyers emphasized that despite facing a potential 18-month prison sentence, Zhao had no intention of evading the legal process by staying in the UAE.
The defense team stressed that Zhao's circumstances clearly demonstrate he does not pose a flight risk and should be allowed to reside with his family in the UAE until the sentencing. They argued against the government's motion to restrict his departure from the U.S.
Furthermore, Zhao's attorneys asserted that he took accountability for traveling from the UAE to the United States willingly. They highlighted that his purpose was to address the case and resolve it, emphasizing the logical inconsistency of taking substantial steps without intending to attend the sentencing proceedings.
On November 22, U.S. prosecutors filed a document with the court, contending that Zhao should be prohibited from leaving the United States due to potential flight risk. They expressed concerns about Zhao's likelihood of returning from the UAE to attend the sentencing, posing a challenge for ensuring his compliance with the legal process.
Zhao currently faces stringent bail terms, with a no-bail bond set at $175 million, and has pledged to return to the U.S. 14 days before the scheduled sentencing on February 23, 2024, according to court documents submitted on November 21.
Recently, Zhao stepped down as Binance CEO after admitting guilt to multiple charges presented by the U.S. Department of Justice. The agreement allows him to retain a majority stake in Binance but prohibits him from holding an executive role at the cryptocurrency exchange.
The deal does not affect Binance’s pending lawsuit against the U.S. Securities and Exchange Commission; however, it will resolve the company’s issues with the Commodity Futures Trading Commission.
