The United States does not want Binance’s Zhao to travel to the Emirates

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The United States does not want Binance's Zhao to travel to the Emirates

US prosecutors asked the court to reverse its decision to allow Changpeng Zhao of Binance Holdings Ltd. who can travel to his home in the United Arab Emirates after pleading guilty this week to a felony criminal case.

Despite the government’s objections, a US judge on Tuesday granted the billionaire’s request to return to the United Arab Emirates before his sentencing in February. The founder of the world’s largest cryptocurrency exchange agreed to deposit a bond of US$175 million, secured by US$15 million of cash held in trust and three responsible parties pledging property or money.

In a court filing on Wednesday, Justice Department prosecutors urged the court to reconsider the decision, saying there was a “substantial risk” that Zhao would never be able to return to the US. the inability of the Government to extradite him. The United Arab Emirates does not have an extradition treaty with the US.

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If Zhao decides not to face the full consequences of his behavior, he could easily lose (despite the payment of his guarantees) more than US $ 20 million. and will live comfortably for the rest of his life in the United Arab Emirates,” the prosecutors argued.

Zhao and Binance pleaded guilty on Tuesday to money laundering violations and penalties Americans are under a broad agreement with the Government that allows cryptocurrency exchanges to continue operating.

The former CEO faces up to 10 years in prison, but is expected to receive no more than 18 months under a plea deal that appears to have spared him the harsh sentences faced by other prominent crypto criminals. ZHao agreed to pay a US$50 million fine and resign as CEO.

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