A judge has ruled that former Binance CEO Changpeng Zhao is a flight risk and has banned him from leaving the US until he is sentenced in February.
In a new trial, Judge Brian Tsuchida ruled in favor of the plaintiff, who claimed Zhao’s wealth and citizenship in other countries that do not have extradition laws with the US, such as the United Arab Emirates (UAE). risk of fleeing the country.
In his ruling, Tsuchida notes that Zhao will not be allowed to return to the UAE, but that the other conditions of this bail remain intact. Further,
“In relief, the government requests that Mr. Zhao remain in the continental United States during the period between his plea and sentencing. After studying the parties’ documents, the relevant case law and the file, the Court finds that oral pleadings are not necessary.”
However, Judge Tsuchida noted that Zhao was not barred from leaving the country based solely on his citizenship.
“To be clear, the Court does not make this decision based on the alienation or citizenship of the suspect. The Court recognizes that, although a suspect may come from another country, this in itself does not sufficiently indicate that a suspect poses a serious flight risk. It is the combined facts of the suspect’s circumstances that create the risk of failure to appear.”
In November, Zhao argued that he should be allowed to return to the UAE because he has already pleaded guilty, has no criminal record, has not committed a violent crime and has already posted bail. Initially, Zhao managed to get the judge on his side.
Zhao pleaded guilty last month to failing to maintain adequate anti-money laundering protocols and resigned from his role as CEO of Binance. The crypto exchange agreed to pay a massive $4.3 billion fine to the Department of Justice (DOJ).
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Featured image: Shutterstock/Liu zishan