Former Binance CEO Changpeng Zhao Disputes US Government’s Move To Reverse Bail Conditions

The former chief executive of Binance, the world’s largest crypto exchange platform by volume, is challenging the US government’s motion to reverse his bail conditions.

In a new court filing, Binance CEO Changpeng Zhao argues that he’s not at risk for skipping court despite being a citizen of two other nations, including the United Arab Emirates (UAE).

Last week, the prosecutors in the case claimed that Zhao – who pleaded guilty to charges of failing to maintain adequate proper anti-money laundering protocols for Binance – is a substantial flight risk and should not be able to leave the US. At the time, Zhao was able to convince the judge otherwise.

But now, the former Binance CEO is countering the government’s move to seek a review for his release order, arguing that he had already pleaded guilty to the charge and he has no prior criminal record.

As stated in the most recent filing,

“Judge Tsuchida was correct and his ruling [was] fully supported by the record. As previously argued, Mr. Zhao is not a flight risk:

(1) his actions reflect his intent to accept full responsibility for his conduct and submit to the judgment of the Court; (2) he is a public figure, has no criminal history, and has pleaded guilty to a non-violent, non-fraud offense; (3) his citizenship in the UAE does not equate to a risk of flight; and (4) the applicable guidelines range does not incentivize flight.

The careful and robust bail conditions ordered by Judge Tsuchida provide ample assurance that Mr. Zhao will return as required.”

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Featured Image: Shutterstock/Jorm S