Cz Opposes The Us Judgment!

Binance's former CEO, Changpeng "CZ" Zhao, has contested the U.S. Department of Justice's claims that he poses a flight risk and may not return to pay his next year's fine.

Former Binance CEO Changpeng "CZ" Zhao, after admitting to his charges, expressed his opposition to the U.S. government's attempt to prevent his return to the United Arab Emirates (UAE) to reunite with his family while awaiting his sentence.

CZ's lawyers filed an application to the U.S. district judge on November 23, rejecting the proposed changes to the bail conditions presented by the U.S. Department of Justice (DOJ).

The application emphasized that CZ should be allowed to leave the U.S. until his sentence in February 2024 and return to the UAE.

CZ's lawyers clearly stated that despite the 18-month prison sentence, he had no intention of staying in the UAE to evade the sentence.

"As Judge Tsuchida noted, all the facts and circumstances sufficiently demonstrate that Mr. Zhao poses no flight risk and should be allowed to reside with his family in the UAE until he serves his sentence. The government's request should be denied." The lawyers also argued that CZ took responsibility for his actions by flying back from the UAE to the U.S.

The application stated, "Mr. Zhao's intention is to resolve this case, and it would be illogical to take all these material steps without an intention to appear for sentencing."

On November 22, U.S. prosecutors filed a court document arguing that CZ's departure from the U.S. should be restricted due to the risk of flight.

The Department of Justice claims that securing CZ's return would create difficulties for the government if he chooses not to return from the UAE for sentencing.

However, according to a bail document filed on November 21, CZ has a $175 million bail agreement and committed to returning to the U.S. 14 days before his sentencing on February 23, 2024.

This development came after CZ accepted various charges from the DOJ by resigning as the CEO of Binance.

The agreement allows CZ to retain the majority of his stake in Binance while preventing him from holding an executive position at the crypto exchange.

The deal does not affect the ongoing lawsuit that Binance filed against the U.S. Securities and Exchange Commission. However, it resolves the company's issues with the Commodity Futures Trading Commission.