CZ challenges US gov’t attempt to restrict travel before sentencing date

Former Binance CEO Changpeng “CZ” Zhao has opposed the United States governments efforts to block his return to the United Arab Emirates (UAE) to be with his family while waiting for sentencing following his guilty plea.In a court filing on November 23, Zhaos lawyers urged tUS District judge to turn down the proposed alteration of his bail conditions, as put forth by the U.S. Department of Justice (DoJ). It was further repeated that Zhao ought to be given authorization to leave the U.S. and return to the UAE till his sentencing in February 2024. The lawyers strongly specified that he has no intention of staying in UAE to avert his sentencing date, regardless of the prospective 18-month prison term.” As Judge Tsuchida discovered, all the scenarios and realities amply show that Mr. Zhao positions no threat of flight and ought to be allowed to reside at home with his family in the UAE pending sentencing. The federal governments movement must be denied.” Extract of court filing in the United States District Court for the Western District of Washington. Source: CourtListenerFurthermore, Zhaos lawyers argued that he has taken responsibility for his actions by flying over from the UAE to the U.S.” His intent is to resolve this case and it would be illogical to take all of these material steps without the intent to stand for sentencing,” the filing noted.On November 22, U.S. district attorneys submitted a court filing, contending that Zhao needs to be restricted from leaving the United States due to the perceived flight risk. The DoJ assert that if he chooses not to return for sentencing from the UAE, guaranteeing his return would position obstacles for the government.However, based on a bond document submitted to the court on November 21, it was disclosed that Zhao had a $175 million release bond and committed to returning to the U.S. 14 days before his sentencing date on February 23, 2024. Related: Crypto Biz: Binances CZ falls, Grayscale and BlackRock meet SEC, and moreThis comes after Zhao consented to step down as CEO of Binance amid pleading guilty to several charges imposed by the Department of Justice (DoJ). While the deal enables him to keep his bulk stake in Binance, he will not be permitted to hold an executive position at the crypto exchange. The offer does not affect the pending lawsuits that Binance has against the US Securities and Exchange Commission (SEC), however will solve the companys concerns with the Commodities Futures Trading Commission (CFTC). Publication: HTX hacked once again for $30M, 100K Koreans test CBDC, Binance 2.0: Asia Express