Bitcoin News and Finance
Former Binance CEO CZ Seeks to Dismiss Government’s Motion Blocking His Return to UAE Before Sentencing Skip to main content

Former Binance CEO CZ Seeks to Dismiss Government’s Motion Blocking His Return to UAE Before Sentencing

Former Binance CEO CZ Seeks to Dismiss Government's Motion Blocking His Return to UAE Before Sentencing

Former Binance CEO Changpeng Zhao (CZ) is seeking to dismiss the U.S. government’s motion to prevent him from going home to the United Arab Emirates (UAE) before sentencing. Despite the judge determining that the ex-Binance boss poses no flight risk after he voluntarily appeared in court to plead guilty, the government is pushing for a restriction on his return home before sentencing.

CZ Wants Judge to Dismiss Government’s Motion

Former Binance CEO Changpeng Zhao (CZ) filed an opposition to the U.S. government’s “motion for review” of the judge’s ruling on his “presentencing travel restrictions.”

The U.S. government filed a single count of information on Nov. 14, charging Zhao with “failing to maintain an effective anti-money laundering program,” the document details. “The government also filed a parallel Information against Binance for failing to comply with provisions of the Bank Secrecy Act and U.S. sanctions law.”

After hearing 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) pending sentencing. While agreeing that CZ is not a danger to the community and bail is appropriate, the government filed a motion seeking to prevent Zhao from being able to return home to the UAE before sentencing.

The legal team for CZ argued:

Judge Tsuchida concluded based on a complete record, Mr. Zhao presents no risk of flight, having voluntarily come before the court to accept responsibility and plead guilty, and the government’s motion should be denied.

The lawyers for CZ detailed that the ex-Binance boss “voluntarily flew” to the U.S. to appear before the court on Nov. 21 where he pleaded guilty. Zhao also stepped down as the CEO of Binance. “As part of this multi-agency resolution with the Department of Justice and the civil agencies, the company and Mr. Zhao will pay a historic sum of more than $4.3 billion, with Mr. Zhao paying a personal penalty of $150 million to the CFTC,” the legal team added. The government states in its motion that Mr. Zhao may “face up to 18 months in prison.”

After hearing from both sides, Judge Tsuchida ordered Zhao released and permitted to return home to the UAE based on bail conditions. The document describes:

Under the order, the bail conditions require that Mr. Zhao post a $175 million personal recognizance bond, secured by two guarantors with cash pledges of $100,000 and $250,000, respectively, and a third guarantor with real property located in Los Angeles, California, valued at more than $5 million.

Do you think CZ should be able to return home to the UAE pending sentencing? Let us know in the comments section below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory