A federal judge has issued an order restricting former Binance CEO Changpeng Zhao (CZ) from leaving the U.S. until the court determines whether to approve the government's motion to force him to stay in the country until sentencing. The government filed the motion in response to a release order issued by a magistrate judge, which granted CZ permission to return to the United Arab Emirates (UAE) while awaiting sentencing.
Judge's Order to Restrict CZ's Travel
The order, signed by District Judge Richard A. Jones on Monday, states that the court will review the decision made by Magistrate Judge Brian A. Tsuchida to allow CZ to return to the UAE pending sentencing. Until the court resolves the government's motion for review, CZ is prohibited from leaving the U.S.
CZ pleaded guilty last week to failing to maintain an effective anti-money laundering program and stepped down as the CEO of Binance, the world's largest cryptocurrency exchange. Additionally, the government filed a parallel information against Binance for non-compliance with the Bank Secrecy Act and U.S. sanctions law.
As part of the settlements reached with the U.S. Department of Justice (DOJ), the Treasury Department, the Financial Crimes Enforcement Network (FinCEN), and the Commodity Futures Trading Commission (CFTC), Binance and CZ will pay a record-breaking sum of over $4.3 billion.
Release Order and Government's Motion
Last week, Magistrate Judge Tsuchida issued a release order with bail conditions, allowing CZ to return to the UAE while awaiting sentencing. However, the U.S. government filed a motion to prevent CZ from going back home before sentencing. In response, CZ has asked the court to reject the government's motion, arguing that Judge Tsuchida determined he is not a flight risk since he voluntarily appeared before the court, took responsibility, and pleaded guilty.
According to the government's motion, the former Binance CEO could face up to 18 months in prison. CZ's legal team described the bail conditions set by Magistrate Judge Tsuchida, which require him to "post a $175 million personal recognizance bond, secured by two guarantors with cash pledges of $100,000 and $250,000, respectively, and a third guarantor with real property located in Los Angeles, California, valued at more than $5 million."
Should CZ be allowed to return to the UAE while awaiting sentencing? Share your thoughts in the comments section below.
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