New documents reveal that the prosecutors have filed documents seeking to ban former Binance CEO Changpeng Zhao from leaving the US.
In a new court filing, the government argues that Zhao, a citizen of two other nations, poses a “substantial risk of flight” after pleading guilty to failing to keep adequate anti-money laundering protocols for Binance, the world’s largest crypto exchange platform by volume.
“As a non-U.S. but UAE (United Arab Emirates) citizen with substantial wealth outside the United States, minimal ties to the United States, and a residence in a country without an extradition treaty with the United States, Zhao poses a serious risk of flight and [it is] requested that he be required to remain in the continental United States pending sentencing.”
However, Zhao successfully swayed Judge Brian Tsuchida to his side by arguing that he should be able to go back to the UAE because he had already posted bail.
“Zhao argued that he should be allowed to return to his home in the UAE pursuant to an appearance bond of $175 million, secured by $15 million in cash held in trust and three responsible persons who pledged property or cash.
After considering these arguments, Magistrate Judge Tsuchida ruled that Zhao be allowed to return to his home in the UAE pending sentencing pursuant to an appearance bond secured with the collateral described above.”
Zhao pleaded guilty to violating anti-money laundering laws earlier this week and stepped down from his role as chief executive of Binance as the crypto exchange agreed to pay a massive $4.3 billion fine to the Department of Justice (DOJ).
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Pavel Chagochkin
Credit: Source link
