Binance's Ex-CEO CZ Faces Flight Risk as Users Withdraw Over $1 Billion

Federal prosecutors have requested that Changpeng Zhao (CZ), the former CEO of Binance, be required to stay in the U.S. until his February sentencing for violating the Bank Secrecy Act. Prosecutors argue that CZ, a citizen of the UAE, poses a serious risk of flight and may not return if allowed to leave. Binance recently pleaded guilty to multiple charges and agreed to pay $4.3 billion in penalties. While CZ's attorneys argue that staying in the U.S. would be a hardship, prosecutors claim that his current bond agreement is insufficient to ensure his return, as most of his assets are outside the country and there is no extradition treaty between the UAE and the U.S.