In a Thursday filing it was argued that Changpeng “CZ” Zhao, the founder of Binance, does not pose a flight risk and should be permitted to return to the United Arab Emirates. The document, with some sections redacted, contested a filing from the U.S. Department of Justice, which opposed Zhao leaving the U.S. before his scheduled sentencing in February. Zhao had pleaded guilty to one charge of violating the Bank Secrecy Act. His attorneys asserted that Zhao had already demonstrated a lack of flight risk by voluntarily coming to the U.S. to enter his plea. The filing cited the agreement of Magistrate Judge Brian Tsuchida, overseeing the case, who found Zhao’s appearance in court to be compelling evidence against flight risk.
The filing emphasized that, taking into consideration various pertinent factors such as Changpeng “CZ” Zhao’s voluntary self-surrender, his expressed intention to address the case, and the substantial bail package he proposed, Judge Tsuchida had determined that Mr. Zhao does not pose a risk of flight, even if residing in the UAE. This argument underscores the belief that Zhao’s actions and commitments mitigate concerns about him fleeing before his scheduled sentencing in February. In a Thursday filing
Binance pleaded guilty to multiple charges alongside Zhao earlier this week, agreeing to pay a massive $4.3 billion fine, appoint monitors to oversee its compliance program and review its past transactions and accept Zhao’s resignation as CEO. Former Binance regional markets head Richard Teng has taken over as CEO.