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Reading: Binance Founder Changpeng Zhao’s Lawyers Request Permission for Him to Return to the United Arab Emirates
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COINTURK NEWS > Binance > Binance Founder Changpeng Zhao’s Lawyers Request Permission for Him to Return to the United Arab Emirates
Binance

Binance Founder Changpeng Zhao’s Lawyers Request Permission for Him to Return to the United Arab Emirates

In Brief

  • As it is known, Changpeng Zhao, the founder and former CEO of Binance, the world’s largest cryptocurrency exchange in terms of volume, accepted the money laundering allegations of the United States. Zhao agreed to pay a $50 million fine under the agreement with the US Department of Justice and resigned from his CEO position. Now, […]
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As it is known, Changpeng Zhao, the founder and former CEO of Binance, the world’s largest cryptocurrency exchange in terms of volume, accepted the money laundering allegations of the United States. Zhao agreed to pay a $50 million fine under the agreement with the US Department of Justice and resigned from his CEO position. Now, Zhao’s lawyers are requesting permission for him to return to the United Arab Emirates, where his family resides.

Contents
According to His Lawyers, Zhao Has No Risk of EscapeAccording to the Department of Justice, Zhao Should Stay in the US

According to His Lawyers, Zhao Has No Risk of Escape

After the founder and former CEO of Binance, Zhao, admitted to violating the Bank Secrecy Act, his lawyers objected to the US Department of Justice’s court application, arguing that he should be allowed to leave the US before receiving his sentence in February. The lawyers have requested that Zhao be allowed to return to the United Arab Emirates for now.

The lawyers argue that Zhao has already proven that he has no risk of escape by coming to the US to accept these charges. Indeed, Judge Brian Tsuchida, who presided over the case, acknowledged that Zhao coming to the US and appearing in court voluntarily was convincing. In the court application, the lawyers emphasized this point and stated, “Judge Tsuchida has determined that Zhao does not pose a risk of escape, even while residing in the United Arab Emirates, based on all relevant facts, including Zhao’s voluntary surrender, his intention to resolve this case, and the proposed substantial bail package.”

Binance agreed to pay a $4.3 billion fine, implement a compliance program, appoint independent observers to review past transactions, and approve Zhao’s resignation as CEO this week. Richard Teng, the former regional markets president of Binance, has taken over as the new CEO.

According to the Department of Justice, Zhao Should Stay in the US

Zhao was released on $175 million bail on November 21. However, his lawyers and the US Department of Justice have differing opinions on whether Zhao, who is a US citizen and whose family resides in the UAE, should return to the UAE or stay in the US. If Zhao returns to the UAE, he must return to the US two weeks before his conviction.

The Department of Justice argues that Zhao could afford to lose the $15 million he deposited and the $5 million deposited by his guarantors. The lawyers say that this argument ignores Zhao’s and Binance’s financial commitments. The lawyers state, “Despite the weight of all this information and Judge Tsuchida’s evaluation of them, the government does not provide any valid or additional basis for insisting that Zhao stay in the US, away from his family, for months between his defense and sentencing.”

Zhao’s sentence is scheduled to be announced on February 23, 2024. Zhao, who is expected to receive an 18-month prison sentence, has agreed to pay a $50 million fine in the plea deal.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 25 November, 2023 - 12:38 pm 25 November, 2023 - 12:38 pm
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