Key Points:
US prosecutors have requested a court to reverse its decision allowing Binance CEO, Changpeng Zhao, to travel to the United Arab Emirates (UAE) after pleading guilty to a felony criminal case. Despite objections from the government, a magistrate judge granted Zhao’s request to return to the UAE before his sentencing in February.
The founder of the world’s largest crypto exchange agreed to post a $175 million bond, secured by $15 million in cash and three guarantors. However, the Justice Department prosecutors have urged the court to reconsider, citing the “substantial risk” that Zhao will not return to the US due to his assets, ties to the UAE, and the lack of an extradition treaty.
They argue that if Zhao avoids facing the consequences of his conduct, he could lose more than $20 million but live comfortably in the UAE. Zhao and Binance pleaded guilty to anti-money laundering and US sanctions violations, allowing the exchange to continue operations.
While Zhao faces up to 10 years in prison, it is expected that he will receive no more than 18 months as part of a plea deal. He has agreed to pay a $50 million fine and step down as CEO. The case is ongoing in the US District Court, Western District of Washington (Seattle).
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Willemstad, Curaçao, 4th November 2024, Chainwire
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