Former Binance CEO CZ Deemed 'Risk of Flight' by U.S. Prosecutors

By: Eliza Bennet

The U.S. prosecutors are insisting that Changpeng "CZ" Zhao, the erstwhile head of Binance, remains within the country's borders, voicing concerns regarding his potential flight risk.

In a recent legal document submitted to a federal court in Seattle, the U.S justice team requested a reversal of a decision that could allow Zhao to travel back to his home in the United Arab Emirates (UAE). The permission was given on a $175 million bond with the stipulation that he re-enters the U.S. a fortnight before his sentencing in February 2024. The prosecutors declared Zhao, 'presents an unacceptable risk of flight and nonappearance if he is allowed to leave the United States pending sentencing.'

The U.S. prosecutors also argued that Zhao’s bond was insufficient since most of the $175 million used to secure his release was beyond U.S. jurisdiction. Zhao has admitted in the past that Binance failed to uphold an effective Anti-Money Laundering program in place, conceding to pay a $50 million fine.