Changpeng "CZ" Zhao, the former CEO of Binance, contests the US government's move to prevent his return to the UAE while awaiting sentencing after his guilty plea.
His legal team, in a court filing on 23 November, opposes the proposed alteration of his bail conditions by the US Department of Justice (DOJ).
Zhao's lawyers advocate for his right to leave the US and be with his family in the UAE until his sentencing in February 2024.
They assert that Zhao has no plans to evade his sentencing, despite facing a potential 18-month prison term.
They emphasise Judge Tsuchida's assessment that Zhao poses no flight risk:
"As Judge Tsuchida found, all the facts and circumstances amply demonstrate that Mr. Zhao poses no risk of flight and should be permitted to reside at home with his family in the UAE pending sentencing. The government’s motion should be denied."
The legal team asserts that Zhao's actions, including flying from the UAE to the US, demonstrate his commitment to resolving the case and appearing for sentencing.
On 22 November, US prosecutors argued that Zhao should be barred from leaving the US, citing flight risk concerns.
The DOJ expressed apprehensions about ensuring his return from the UAE if he chooses not to appear for sentencing.
However, a bond document filed on November 21 reveals that Zhao posted a $175 million release bond and agreed to return to the US 14 days before his sentencing date in 2024.
Zhao's decision to step down as Binance CEO aligns with his guilty plea.
While he maintains his majority stake in Binance, he forfeits executive roles within the crypto exchange.
Notably, this arrangement does not impact Binance's ongoing legal disputes with the US Securities and Exchange Commission but resolves issues with the Commodities Futures Trading Commission.
The SEC's extension on the Invesco Galaxy Ethereum Spot ETF decision signifies a critical juncture in integrating cryptocurrency into regulated financial markets, balancing innovation with market integrity.
AlexStratis announces the Auroria testnet launch on February 6, with tasks and airdrops, previewing the March mainnet and featuring a user-supportive faucet tool for tSTRAX tokens.
BrianGoMining revolutionises Bitcoin mining by leveraging powerful computers, LBH tokens, and NFTs, democratising the industry. With a low-risk profile, a market value of $0.39, and innovative features like the Mine Box Collection, GoMining paves the way for accessible and rewarding cryptocurrency investments.
JoySouth Korean Financial Supervisory Service Head, Lee Bok-hyun, intends to discuss Bitcoin ETFs with SEC Chairman Gary Gensler during his US visit. Meanwhile, spurred by US approval, Asian leaders, notably in Hong Kong, explore local Bitcoin spot ETF launches.
JoyA hacker's sale of KodexGlobal access threatens major tech and crypto firms, risking user data privacy and intensifying calls for enhanced security measures.
WeiliangSouth Korea is intensifying its cryptocurrency regulation and engaging in critical dialogue with the U.S. SEC, signaling major strides in its financial and digital asset landscape.
BrianRoblox's new AI model enables real-time, cross-language communication, fostering global connections among its 70 million daily users.
BrianRipple Labs' legal battle with the SEC, highlighting the tension between cryptocurrency innovation and regulatory oversight, and its broader implications for the future of digital finance.
WeiliangPost-Terra's collapse, executives face extradition and potential life sentences, sparking major regulatory reforms in South Korea’s cryptocurrency landscape.
MiyukiVast Bank exits cryptocurrency, reflecting broader banking industry challenges amid regulatory scrutiny and strategic reassessment of digital asset integration.
Alex