Binance’s Former CEO Opposes US Government’s Attempt to Block Return to UAE

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Former Binance CEO Changpeng “CZ” Zhao is opposing the US government’s attempt to prevent him from returning to the UAE to be with his family while awaiting sentencing. Zhao’s lawyers argue that he should be allowed to go back to the UAE until his sentencing in February 2024, emphasizing that he has no intention of evading his sentence. They state that he poses no flight risk and should be permitted to reside at home with his family. US prosecutors, on the other hand, contend that Zhao should be restricted from leaving the US due to the perceived risk of flight. They argue that ensuring his return from the UAE would be challenging for the government. Zhao recently stepped down as CEO of Binance after pleading guilty to charges brought by the Department of Justice. While he will maintain his majority stake in Binance, he will not be allowed to hold an executive position at the crypto exchange. The agreement does not affect the ongoing litigation between Binance and the US Securities and Exchange Commission but will resolve the company’s issues with the Commodities Futures Trading Commission.

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