The US Department of Justice wants to prevent Changpeng Zhao, the former CEO of Binance, from leaving the United States before sentencing but does not want him locked up.
In papers from last week, Zhao’s lawyers argued that he should be allowed to leave the U.S. and return to the UAE until his sentencing in February 2024. They say he won’t dodge sentencing while in the UAE, pointing out that CZ came to the U.S. willingly to face his own trial.
The court records from last week stated that Judge Tsuchida agreed, considering CZ’s voluntary surrender, his intention to settle the case, and the substantial bail he proposed, concluding that CZ won’t run away even if he’s in the UAE.
However, U.S. Attorneys disagreed, saying the potential harsh sentence might tempt CZ to flee back to the UAE, which has no extradition treaty with the U.S. They pointed out that CZ, as a citizen of the UAE, has few ties to the U.S. and might not come back if allowed to leave.
On 22.Nov, CZ to step down and confess to breaking anti-money laundering rules in front of the Seattle federal court. This is part of a $4 billion deal proposed by the U.S. Department of Justice (DOJ).
The court plans to announce the sentence on February 23, 2024. CZ might get 18 months in prison. He’s stressing that U.S. regulators won’t blame Binance for mishandling user funds or market manipulation. Still, he’s allowed to stay outside the U.S. with a $175 million bail and live in the UAE until the Seattle court decides on February 23, 2024.