{"id":88404,"date":"2023-11-24T14:53:35","date_gmt":"2023-11-24T19:53:35","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/czs-lawyers-push-back-against-flight-risk-claims-file-opposing-motion\/"},"modified":"2023-11-24T14:53:38","modified_gmt":"2023-11-24T19:53:38","slug":"czs-lawyers-push-back-against-flight-risk-claims-file-opposing-motion","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=88404","title":{"rendered":"CZ’s Lawyers Push Back Against Flight Risk Claims, File Opposing Motion"},"content":{"rendered":"
\n

Defense attorneys for former Binance CEO, Changpeng Zhao, have legally pushed back against claims made by the government that he is a \u201cflight risk\u201d who should not be allowed to leave the country.\u00a0<\/p>\n

Zhao\u2019s incentive to stay<\/h2>\n

<\/span>
In a court filing from November 23rd, representatives for the Dubai-based Zhao argued he posed no flight risk in part due to the fact he traveled to the United States to self-surrender and take responsibility for his crimes. Additionally, the defense for Zhao added that he has no criminal past and is recognizable worldwide.<\/p>\n

Moreover, the defense noted that Zhao and his partner welcomed their third child a few months ago and that \u201cpreventing him from returning to them would be punitive.\u201d<\/p>\n

\u201cAllowing Mr. Zhao to remain in the UAE will, in turn, allow him to take care of his family and prepare them for his return to the U.S. for sentencing,\u201d Zhao\u2019s attorneys wrote.<\/p>\n

\u201cTo flee would be to risk additional charges, a likely much greater potential Guidelines range, and a host of other grave consequences to Mr. Zhao and Binance,\u201d claimed Zhao\u2019s defense. \u201cTo return, however, would be to potentially serve a brief or possibly no prison term and then return to his family with this matter behind him.\u201d<\/p>\n

Zhao speaks for himself<\/strong><\/h2>\n

<\/span>
\u201cI want to take responsibility and close this chapter in my life,\u201d Zhao said in a hearing on November 21st.<\/p>\n

Zhao also rejected claims he would attempt to flee justice in the United Arab Emirates, claiming he took their offer of citizenship \u201cas an honor.\u201d<\/p>\n

\u201cI do not want to leverage that to say \u2018hey, protect me,\u2019 the Binance founder said.<\/p>\n

A $4.3 billion penalty and $175 million bond<\/strong><\/h2>\n

<\/span>
The filing comes days after Zhao pled guilty to anti-money laundering charges and stepped down from his role as CEO at the world\u2019s largest crypto exchange.\u00a0<\/p>\n

As part of the settlement, Binance will have to make a \u201ccomplete exit\u201d from the U.S. market and pay $4.3 billion to federal government agencies.<\/p>\n

\u201cThis is one of the largest penalties we have ever obtained from a corporate defendant in a criminal matter,\u201d said Attorney General Merrick Garland.<\/p>\n

Former Head of Regional Markets for Binance, Richard Teng, has taken over as CEO. Previously, he served as CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market.<\/p>\n

Currently, Zhao has been released on a $175 million bond and is facing a maximum sentence of 10 years in prison. His sentencing is scheduled for February 23rd, 2024.<\/p>\n

\n
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A quick 3min read about today’s crypto news!<\/p>\n

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Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Defense attorneys for former Binance CEO, Changpeng Zhao, have legally pushed back against claims made by the government that he is a \u201cflight risk\u201d who should not be allowed to leave the country.\u00a0 Zhao\u2019s incentive to stay In a court filing from November 23rd, representatives for the Dubai-based Zhao argued he posed no flight risk […]<\/p>\n","protected":false},"author":1,"featured_media":88405,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-88404","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nCZ's Lawyers Push Back Against Flight Risk Claims, File Opposing Motion | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Defense attorneys for former Binance CEO, Changpeng Zhao, have legally pushed back against claims made by the government that he is a 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