Former Binance CEO Changpeng Zhao must remain in the United States until the verdict in his case on February 23, 2024. Prosecutors stated this in the filed motion.
Prosecutors consider Zhao’s flight risk to be “substantial”, given his significant wealth outside the United States and minimal ties to the country.
CZ himself, a citizen of the UAE and Canada, said that permission for his travel should be granted “on the basis of a $175 million bail, secured by $15 million in cash held in trust, and three responsible persons who pledged property or cash.”
However, prosecutors say the former Binance chief has not presented clear and convincing evidence that he would not flee if he returns to the United Arab Emirates.
“Zhao’s substantial assets and his strong ties to the UAE, as well as the government’s inability to extradite him from the UAE, support granting the court’s order that he should remain in the United States until the verdict,” the motion states.
The court is to consider this petition by 5:00 p.m. PST on November 27 (3:00 a.m. Kyiv time/4:00 a.m. Moscow time on November 28).
As reported, Zhao pleaded guilty to one count that Binance failed to maintain an effective anti-money-laundering program.
On November 22, the court released him from custody on bail of $175 million.
Current release conditions allow CZ to leave the United States, but he must return to the country by February 9, 2024.