Prosecutors Want CZ to Stay in the US:
- Prosecutors are demanding that CZ stay in the US until his conviction in February 2024.
- The DOJ cites a “substantial flight risk” and prefers to take precautions.
- After CZ’s official resignation, Binance will pay a $4.3 billion fine.
Restrictions on CZ’s Freedom
American prosecutors have demanded that Changpeng Zhao, known as CZ, the former CEO of Binance, remain on US territory until his scheduled conviction on February 23, 2024.
According to a recent filing, prosecutors are concerned that CZ may flee to a country without an extradition treaty with the US. Specifically, the DOJ requests that he be “not allowed to return to the United Arab Emirates,” the country of Changpeng Zhao’s citizenship, before his 2024 conviction.
A Request Denied by the Judge
Despite the DOJ’s demands, Judge Tsuchida ruled that CZ could return to his residence in the United Arab Emirates, as long as he appears in court for the verdict.
The judge did, however, impose a condition: “Zhao must return to the US two weeks before his conviction, on February 9, 2024.”
This decision stands unless the court chooses to reconsider it before November 27, 2023.
CZ and Binance Convicted by US Justice
This situation arises after CZ pleaded guilty to a violation of “American criminal anti-money laundering requirements” as part of an agreement with the US Department of Justice.
As a result, he has resigned from his position as CEO and is prohibited from holding an executive position at Binance for at least three years.
However, he remains the company’s major shareholder. Binance, facing a $4.3 billion fine, will withdraw from the US market.