The US prosecutor’s office has asked to overturn a court decision according to which the former head of the Binance exchange, Changpeng Zhao, was allowed to travel to the UAE after he pleaded guilty in a criminal case, writes RBC Crypto with reference to Bloomberg.
A US magistrate judge granted Zhao’s request to return to the UAE ahead of his sentencing in February. The founder of the world’s largest cryptocurrency exchange agreed to post $175 million in collateral, secured by $15 million in cash held in trust and three responsible persons pledging property or cash as collateral.
US Justice Department prosecutors asked the court to reconsider the decision, saying there was a “substantial risk” that Zhao would not return to the US. They cite Zhao’s “significant assets”, his close ties to the UAE and the fact that the country does not have an extradition treaty with the US.
On Tuesday, November 21, Zhao and the Binance exchange pleaded guilty to violating anti-money laundering rules and US sanctions as part of a sweeping settlement with the government that allows the cryptocurrency exchange to continue operating.
Zhao faces up to ten years in prison, but is expected to receive no more than 18 months under the plea deal. He agreed to pay a fine and resign as CEO.
Source: Cryptocurrency
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