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<p>The post <a href="https://coinpedia.org/news/february-sentencing-changpeng-zhaos-moment-of-truth-in-crypto-compliance/">Binance’s CZ Allowed to Return to Dubai; Prosecutors Fight Back</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Changpeng Zhao, the high-profile ex-CEO of Binance, faces a legal battle in the United States. U.S. prosecutors are strongly opposing his return to the United Arab Emirates before his February 2024 sentencing, citing a substantial flight risk.</p> 
<p>Why? Well, CZ recently pled guilty to a charge concerning Binance’s failure to maintain an effective anti-money laundering program. This plea highlights the ongoing concerns about the role of major cryptocurrency exchanges in ensuring compliance with global financial regulations.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/CryptoNews?src=hash&amp;ref_src=twsrc%5Etfw">#CryptoNews</a>: Binance CEO Changpeng Zhao (CZ) released from custody on $175 million bond, with a condition he returns to the U.S. 14 days before his Feb. 23, 2024 sentencing, allowing him to return to Dubai. <a href="https://twitter.com/search?q=%24BNB&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BNB</a> <a href="https://twitter.com/hashtag/CZ?src=hash&amp;ref_src=twsrc%5Etfw">#CZ</a> <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> <a href="https://twitter.com/hashtag/CZ_Binance?src=hash&amp;ref_src=twsrc%5Etfw">#CZ_Binance</a> <br><br>Failure to appear in court… <a href="https://t.co/1nEK81zVTg">pic.twitter.com/1nEK81zVTg</a></p>— RichQuack (@RichQuack) <a href="https://twitter.com/RichQuack/status/1727211292518387960?ref_src=twsrc%5Etfw">November 22, 2023</a>
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<h2 class="wp-block-heading" id="h-is-cz-a-flight-risk">Is CZ a Flight Risk?</h2> 
<p>The U.S. prosecutors argue that Zhao, possessing considerable wealth and minimal ties to the U.S., presents a significant risk of fleeing the country. They assert that his strong connections to the UAE and the U.S.’s limited ability to extradite him from there justify keeping him in the U.S. until his sentencing.</p> 
<p>Zhao was released on a $175 million appearance bond, requiring him to return to the U.S. 14 days before his February 2024 sentencing. This bond includes $15 million in cash and pledges from three responsible persons.</p> 
<h2 class="wp-block-heading" id="h-prosecutors-are-cracking-down-hard">Prosecutors Are Cracking Down Hard </h2> 
<p>Despite an initial ruling allowing Zhao to return to the UAE, prosecutors are challenging this decision, demanding clear and convincing evidence that he won’t abscond if permitted to leave the U.S. The courtroom tension escalates as both sides present their arguments in a bid to sway the final judgment.</p> 
<p>Despite the unfavorable news, Binance and other centralized exchanges have <a href="https://twitter.com/RichQuack/status/1727215536004853853">not seen a significant user exodus</a>. Data from Glassnode reveals that the current net Bitcoin position change on Binance is lower than in previous months, suggesting market stability.</p>

Binance’s CZ Allowed to Return to Dubai; Prosecutors Fight Back

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