A new petition from the US Department of Justice states that the former CEO of Binance, Changpeng Zhao (CZ), should be allowed to remain free until the court’s final verdict, but should not be allowed to leave the United States due to a low risk of flight.
This petition comes after Binance entered into a $4.3 billion deal with the department on November 21, in which CZ agreed to step down as CEO and pay a $50 million fine.
CZ is currently on bail after posting $175 million and will remain free until his sentencing on February 23, 2024.
However, prosecutors are requesting that he be prohibited from leaving the United States due to concerns about him fleeing the country, citing evidence of significant wealth outside the US and limited connections to the country.
The prosecution argued that CZ did not provide enough proof that he would not flee if he returned to the UAE.
In response, CZ’s lawyers have challenged the motion to prevent him from leaving the country.
A former SEC lawyer, John Reed Stark, emphasized that prosecutors have made it clear that they may argue for a ten-year prison sentence for CZ on sentencing.
