Binance founder Changpeng Zhao asks to leave U.S. ahead of sentencing

Nov. 25 (UPI) -- Binance founder Changpeng Zhao asked a judge if he could return to his United Arab Emirates home after pleading guilty to money laundering earlier this week.

Attorneys for Zhao, who holds dual citizenship in Canada and the UAE, asked U.S. District Judge Richard Jones to reject the Justice Department's request to bar him from leaving the country until he is sentenced. Zhao's attorneys argue he's not a flight risk.

"The fact that Mr. Zhao's home and his family are in the UAE does not make him a flight risk, and preventing him from returning to them would be punitive," they said in the court filing. "His family has recently grown, as he and his partner welcomed their third child a few months ago. Allowing Mr. Zhao to remain in the UAE will, in turn, allow him to take care of his family and prepare them for his return to the U.S. for sentencing."

Zhao founded the world's largest cryptocurrency trading platform Binance. On Tuesday, he agreed to step down as CEO and pay $50 million in fines as part of a plea agreement. He also agreed to pay $4.3 billion in fines and restitution.