Former CEO of Binance, Changpeng Zhao, Asked Permission to Return Home Before the Trial Begins

Washington D.C., November 25, 2023 — Changpeng Zhao, former CEO of Binance, is seeking permission to return to his home in the United Arab Emirates as he faces s legal proceedings in the United States of America for violating anti-prevention regulations money laundering. Regardless of his guilty plea and resignation, Zhao’s legal team is advocating bail conditions that would allow him to leave the United States pending sentencing sentences on February 23, 2024.

Zhao’s lawyer urged Judge Richard Jones to approve the terms of the bail granted by Judge Brian Tsuchida. These conditions include posting a security deposit in the amount of 175 million dollars, which Zhao accepted as proof of his commitment and willingness to deal with accusations.

The Ministry of Justice expressed concern about the possible flight risk of Zhao, noting the absence of an extradition treaty between the United States and the United Arab Emirates Emirates. Prosecutors argue that securing Zhao’s return for sentencing would, given the its significant financial resources, could be challenging in practice.

“In most cases, the defendant who is a billionaire, has pleaded guilty, faces possible prison terms and lives in a country that does not extradite its citizens to the United States It would be withheld from the states”, said the lawyers of the Ministry of Justice.

Despite these concerns, Zhao’s legal representatives emphasize his voluntariness appearing in the United States as a sign of responsibility. It is claimed that his return to The United Arab Emirates aims to prepare families for the upcoming sentencing. Surprisingly, Judge Tsuchida also seems to share this view.

In a recent filing, Judge Tsuchida stated that based on all relevant facts, including Mr. Zho’s voluntary surrender, his intention to resolve this case and the substantial bail amount he proposed, Zhao is not a flight risk, even while residing in the United Arab Emirates.

Zhao’s involvement in Binance’s failure to implement an effective prevention program money laundering led to significant consequences. US authorities have accused the crypto exchange of violation of the law on prevention of money laundering and improper reporting over 100,000 suspicious transactions, including dealings with entities characterized by the United States as terrorist organizations.

It is important to note that Zhao emphasized in cooperation with US agencies that there are no charges for misappropriation of user funds or Binance’s participation in market manipulation

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