United States government prosecutors are seeking to prevent former Binance CEO Changpeng Zhao, also known as CZ, from leaving the country due to concerns about his potential flight risk. They have requested a review and reversal of a judge’s decision that would allow Zhao to return to his home in the United Arab Emirates (UAE) on a $175 million bond, with the condition that he comes back to the U.S. two weeks before his sentencing in February 2024. Prosecutors argue that Zhao poses a risk of fleeing and not appearing for his sentencing if he is allowed to leave the U.S. They point to his ties and favored status in the UAE, as well as the lack of an extradition treaty between the UAE and the U.S., as reasons to block his departure. The government also claims that Zhao’s bond is inadequate, as a majority of the $175 million used to secure his release is held outside the U.S. jurisdiction. Zhao recently admitted to failing to maintain an effective Anti-Money Laundering program at Binance and has stepped down as CEO, paying a $50 million fine as part of his plea agreement.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Middle East
Countries	🇺🇸 🇦🇪
Sentiment	neutral
Relevance Score	1
People	Changpeng Zhao
Companies	United States government, Department of Justice (DOJ), Binance, Seattle federal court, United Arab Emirates (UAE)
Currencies	Aeternity, US Dollar
Securities	None