The US Department of Justice has classified Changpeng Zhao (CZ), former CEO of Binance, as a flight risk. The government agency believes he will not return to the U.S. for sentencing after his departure.
The Department of Justice (DoJ) has filed a court document with new bail conditions for Zhao. These conditions state that if Zhao wants to leave the United States, he must obtain permission from the US government.
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Changpeng Zhao denies wanting to escape
CZ has now filed an objection. His lawyers asked the U.S. district judge to reject the proposed change to his bond conditions.
The legal team defending CZ in the case claims that Zhao only plans to temporarily return to his family in the United Arab Emirates (UAE). You indicate:
“As Judge Tsuchida found, all the facts and circumstances sufficiently establish that Mr. Zhao does not pose a flight risk and should remain at home with his family in the UAE until sentencing. The government’s request must be rejected.”
Ex-CEO Binance takes responsibility for his actions
Although Zhao faces an 18-month prison sentence, his lawyers claim he has no intention of fleeing to the VEA. They say the visit to his family is not an attempt to avoid conviction in the United States.
The lawyers also argue that Zhao accepts responsibility for his actions. According to the appeal, he intends to resolve the case and return to the United States before the sentencing date.
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Crypto lawsuit against Changpeng Zhao on February 23rd
Zhao agreed to step down as Binance CEO last week. After his confession, he was released on bail and paid $175 million. Zhao pleaded guilty to violating the U.S. Bank Secrecy Act.
Zhao will be arraigned in the US on February 23. If he fails to comply with his sentence, Zhao could face up to 10 years in prison and a $250,000 fine.
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