CZ Fights Back Against The DOJ’s Efforts to Keep Him in The US
Ex-Binance CEO Zhao battles the U.S. to return to the UAE before sentencing, despite DOJ's flight risk concerns and a $175M bond in place.
Former Binance CEO Changpeng Zhao is making moves to fight back against the U.S. efforts to prevent his return to the UAE. Zhao's lawyers argued in a Nov. 23 court filing that the Ex CEO should be allowed to return to the UAE until his February 2024 sentencing.
Changpeng Zho’s lawyer made it clear that CZ poses no flight risk despite facing up to 18 months in prison. He reminded that CZ voluntarily returned to the United States to take responsibility for his actions
U.S. prosecutors filed a motion on Nov. 22 arguing Zhao shouldn’t leave the U.S., citing flight risk concerns. The DOJ believes bringing Zhao back from the UAE, if he chooses not to return, would be challenging.
Zhao, who stepped down as Binance's CEO after pleading guilty to DOJ charges, holds a $175 million release bond. He's barred from holding an executive role at Binance but keeps his majority stake. The deal with the DOJ doesn’t impact Binance's ongoing SEC case but settles issues with the Commodities Futures Trading Commission.
