Changpeng Zhao, the founder of Binance, the world’s largest cryptocurrency exchange, has filed a legal brief opposing the government’s motion to prevent him from returning to the United Arab Emirates (UAE) while awaiting sentencing. Zhao recently pleaded guilty to failing to maintain an effective anti-money laundering program as part of a global resolution that resulted in $4.3 billion in fines and penalties for him, Binance, and several US agencies. In the legal brief, Zhao’s defense team argues that he poses no flight risk, pointing to his voluntary travel to the US to accept responsibility, his clean criminal record, and the stringent bail conditions set by the magistrate judge. They also dispute the government’s emphasis on the lack of an extradition treaty with the UAE, stating that Zhao’s UAE citizenship does not make him a flight risk. Zhao has been released on bail, with a requirement to post a substantial bond and appear in court prior to his sentencing. The defense claims that there is no incentive for Zhao to flee, as he has already resigned from Binance and entered a guilty plea. A judge will soon decide whether Zhao can await his sentencing from the UAE or if he must remain in the US.

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Information	Details
Geography	Middle East
Countries	🇦🇪 🇺🇸
Sentiment	neutral
Relevance Score	1
People	Changpeng Zhao
Companies	US agencies, Binance
Currencies	US Dollar, Aeternity, BUSD
Securities	None