Binance CEO CZ recently decided to step down from this position at the exchange platform. The executive however has raised concerns about travel restrictions that US officials have imposed. US authorities claimed that the former executive is at flight risk and retained that he is not allowed to travel before his sentencing hearing before the end of his sentencing hearing next year.
CZ Wants to Meet His Family Members in UAE
The officials have retained that CZ is at flight risk and may not return once he travels out of the country. However, CZ has challenged the decision of the officials to restrict his travel to the United Arab Emirates to meet his family members.
He is currently waiting for his guilty plea that will finalize the sentencing. On 23rd November, defense lawyers submitted a filing to a district judge to alter the terms of bail requirements as per Department of Justice.
Lawyers representing Zhao have retained that he should be allowed to depart from the United States. The lawyers further demanded that the former executive does not have plans for an extended stay in UAE and is likely to return the region before his sentencing hearing in February 2024. CZ is looking at a sentencing hearing of 18-months during the conclusion.
Judge Tsuchida has remarked that CZ is not at flight risk based on all evidence and facts. Therefore, the judge ruled that the former executive should be allowed to travel to UAE. However, the motion of the US government was denied by the court.
The lawyers representing Zhao also claimed in court that Zhao has assumed the responsibility of his actions by flying from UAE to the United States for the case trial proceedings. The defense noted that former executive is intent on resolving this case.
DOJ to Obstruct Zhao from Travelling Out of United States
Department of Justice or DOJ brought an injunction against CZ to bar the executive from leaving United States on 22nd November. The officials retained that the authorities can face challenges in retrieving the former CEO from UAE.
A bond filing submitted on 21st November, 2023 revealed that CZ holds a $175 million release bond and therefore intends to go back to USA 2 weeks prior to his sentencing hearing on 23rd February.
CZ is now facing charges brought by DOJ and resigned from his position. However, the executive has continued to hold a majority stake in the firm. Additionally, he is barred from holding any executive position at the crypto trading platform. On the other hand, Binance is also facing charges brought by Securities and Exchange Commission and completed proceedings for Commodities Futures Trading Commission lawsuit.