Changpeng Zhao, the former CEO of Binance, the world’s largest cryptocurrency exchange by trading volume, is contesting the US government’s motion to revoke bail conditions.
In a recent court filing, Zhao argues that he is not a flight risk, even though he is a citizen of two other countries, including the United Arab Emirates (UAE).
Last week, prosecutors in the case claimed that Zhao, who pleaded guilty to charges of failing to maintain adequate anti-money laundering protocols for Binance, poses a significant flight risk and should not be allowed to leave the US. However, Zhao was able to convince the judge otherwise at the time.
Now, the former Binance CEO opposes the government’s move to seek a review of his release order, pointing out that he has already pleaded guilty to the charge and has no prior criminal record.
The recent filing states:
“Judge Tsuchida was correct, and the record fully supported his ruling. As previously argued, Mr. Zhao is not a flight risk:
His actions reflect his intent to accept full responsibility for his conduct and submit to the judgment of the Court; he is a public figure, has no criminal history, and has pleaded guilty to a non-violent, non-fraud offense; his citizenship in the UAE does not equate to a risk of flight; and 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.”