US Prosecutors Seek to Keep Binance’s Ex-CEO in the Country Amid Flight Risk Concerns


In the aftermath of the settlement between the U.S. Department of Justice and Binance, the world's largest cryptocurrency exchange, federal authorities are emphasizing the need for the exchange's former CEO, Changpeng Zhao (CZ), to remain in the United States until his sentencing in February 2024.

Justice Department's Effort to Restrict Ex-Binance CEO's Travel

A recent court filing discloses that U.S. prosecutors have urged Magistrate Judge Brian Tsuchida to ensure the continued presence of Changpeng Zhao (CZ) in the United States. This request, submitted on Wednesday, aims to reevaluate the bond conditions that were set on November 21, 2023. The U.S. government expresses concerns about CZ being a "substantial risk of flight."

The filed document explicitly states:

[The Government] requests that the court order that Zhao should not be permitted to return to the UAE before sentencing.

Currently residing in Dubai, United Arab Emirates (UAE), CZ resides with his three children and partner. The prosecutors argue that the possibility of an 18-month jail term might entice CZ to stay in the UAE with his family. The absence of an extradition treaty between the UAE and the U.S. adds complexity, making it difficult to ensure his return in case of non-compliance with court directives.

Concerns over the Bail Arrangement

Despite an initial agreement on a $175 million bail bond, prosecutors are now questioning its adequacy. According to the proposed arrangement, "three responsible persons" were expected to secure $15 million in cash for the bail. Although CZ faces the prospect of imprisonment, there is still a chance of avoiding it, similar to the case of Bitmex's former CEO, Arthur Hayes.

Hayes, who violated the Bank Secrecy Act (BSA) by failing to establish an anti-money laundering (AML) protocol at Bitmex, faced a potential five-year prison term. However, as a first-time offender, he was granted two years of probation instead of incarceration. Hayes resolved his legal troubles by paying a $10 million fine for his offenses.

Share Your Thoughts

What are your thoughts and opinions on the prosecutor's concerns about CZ posing a flight risk? Feel free to share your views on this matter in the comments section below.

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Who is entitled to the gold in a IRA that holds gold?

The IRS considers anyone who owns gold to be “a form money” and therefore subject to taxation.

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  • Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (
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