News - Ex-Binance CEO exhibits "manageable flight risk"

By Mike Hesp

Ex-Binance CEO exhibits "manageable flight risk"

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Scams, crime and fraud

The U.S. Department of Justice sees no need to hold the ex-Binance CEO until his sentence is handed down in February. However, he must still remain in the US.

The U.S. Department of Justice (DOJ) considers an escape of former Binance CEO Changpeng Zhao (CZ) to be "manageable." This is according to a report by Coindesk.

According to the report, the authority opposes detention until his sentencing, but favors his stay in the U.S. After a deal with the DOJ and a $175 million bail, Zhao is free for now.

However, the prosecution demanded last week that CZ remain in the U.S. because of a "unacceptable flight risk and failure to appear". The ex-CEO currently lives in the United Arab Emirates (UAE). These do not have an extradition treaty with the US.

However, a U.S. judge ruled last e week that Zhao showed "no flight risk" because of his willingness to cooperate and the high bail he paid.

Changpeng Zhao is prediction to be sentenced in February 2024 for his involvement in the crimes committed by his crypto exchange Binance. The charges range from money laundering and terrorist financing to fraud. He faces up to 10 years in prison.

However, as part of his agreement with the DOJ, the sentence could be reduced to 18 months. In this case, he reportedly would not challenge the sentence.

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