CZ Opposes Government's Motion
Former Binance CEO Changpeng Zhao (CZ) has filed an opposition to the U.S. government's motion to review the judge's ruling on his presentencing travel restrictions. The U.S. government charged Zhao with failing to maintain an effective anti-money laundering program and also filed a parallel Information against Binance for non-compliance with provisions of the Bank Secrecy Act and U.S. sanctions law.
Judge Allows CZ to Return Home
After hearing arguments from both the government and Zhao, Judge Brian Tsuchida issued a release order with a bail package that permits the former Binance chief to return home to the United Arab Emirates (UAE) while awaiting sentencing. Despite the judge's determination that CZ poses no flight risk and that bail is appropriate, the government is seeking to prevent him from going back to the UAE before sentencing.
Legal Team Argues Against Government's Motion
CZ's legal team argued that Judge Tsuchida had already concluded, based on a complete record, that Zhao presents no risk of flight as he voluntarily appeared in court to plead guilty. They believe the government's motion should be denied.
CZ's Voluntary Cooperation
CZ's lawyers highlighted that he voluntarily flew to the U.S. to appear before the court and pleaded guilty. He also stepped down as the CEO of Binance. As part of the resolution with the Department of Justice and civil agencies, CZ and Binance will pay a historic sum of more than $4.3 billion, with CZ personally paying a penalty of $150 million to the CFTC. The government's motion states that CZ may face up to 18 months in prison.
Judge Tsuchida's Bail Conditions
After considering both sides, Judge Tsuchida ordered Zhao's release and allowed him to return home to the UAE under specific bail conditions. These conditions include posting a $175 million personal recognizance bond, secured by two guarantors with cash pledges of $100,000 and $250,000, respectively, as well as a third guarantor with real property in Los Angeles, California, valued at more than $5 million.
What are your thoughts on CZ being able to return home to the UAE while awaiting sentencing? Let us know in the comments section below.
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An IRA with precious metals allows you to diversify retirement savings into gold and silver, palladium, rhodiums, iridiums, osmium, or other rare metals. These rare metals are often called “precious” as they are very difficult to find and highly valuable. These metals are great investments and can help protect your financial future from economic instability and inflation.
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By: Kevin Helms
Title: Former Binance CEO CZ Seeks Dismissal of US Government's Motion to Prevent UAE Return
Sourced From: news.bitcoin.com/former-binance-ceo-cz-seeks-to-dismiss-governments-motion-blocking-his-return-to-uae-before-sentencing/
Published Date: Sun, 26 Nov 2023 04:30:11 +0000
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