CZ an ‘unacceptable risk of flight,’ should stay in US: DOJ

United States federal government district attorneys are trying to stop previous Binance employer Changpeng “CZ” Zhao from leaving the country, expressing issue about his possible flight risk.In a Nov. 22 filing to a Seattle federal court, U.S. district attorneys asked for a review and reverse of a judges choice that would permit Zhao to go back to his home in the United Arab Emirates (UAE) on a $175 million bond under the condition he goes back to the U.S. two weeks before his February 2024 sentencing.In a proposed order, U.S. district attorneys composed Zhao “provides an undesirable danger of flight and nonappearance if he is permitted to leave the United States pending sentencing.”In an accompanying letter, prosecutors stated if Zhao chose not to come back to the U.S., then the government “would not be able to secure his return.” In its argument, the federal government pointed to Zhaos ties and favored status in the UAE together with the nations lack of an extradition treaty with the U.S. as reasons to obstruct him from leaving the nation.”He has 3 children and a partner in the UAE; once in the UAE and confronted with the prospect of traveling back to the United States to deal with up to 18 months in prison, he might choose to rather merely remain in the UAE with his household.”Prosecutors said Zhao could survive on his wealth in the UAE indefinitely as a huge majority of it is held overseas away from U.S. jurisdiction. Excerpt of the motion to review Zhaos bond conditions. Source: PACERThe federal government also argued Zhaos bond was inadequate as a majority of the $175 million used to protect his release was outside the reach of the U.S. Zhao just recently admitted to stopping working to keep a reliable Anti-Money Laundering program at Binance and part of his plea agreement saw him step down as CEO of the exchange and pay a $50 million fine.Related: Binances DOJ settlement uses a twinkle of expect the crypto industryIndustry specialists and observers have actually argued that Binances settlement with the Justice Department is a favorable outcome for the crypto industry, further legitimizing it in the U.S. Additionally, crypto markets have already rebounded from the bad news relating to one of the industrys most enigmatic and influential players. Total market capitalization has already returned to pre-Binance news levels, hitting $1.48 trillion throughout the Thursday morning Asian trading session. Magazine: Deposit threat: What do crypto exchanges really finish with your money?

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The Department of Justice (DOJ) argues that Changpeng "CZ" Zhao poses an unacceptable risk of flight due to his connections and status in the UAE. They believe that if allowed to leave the U.S., he may choose not to return, especially with the prospect of facing significant prison time. The DOJ's concerns are heightened by the lack of an extradition treaty between the U.S. and the UAE, which complicates any potential return.

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