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Binance Founder’s Defense Rejects US Prosecutors’ Request

Binance Founder’s Defense Rejects Recent Request from US Prosecutors

Binance founder Changpeng Zhao’s defense recently filed a motion challenging US prosecutors’ request to keep him in the US until his sentencing in February 2024. CZ’s lawyers argue that their client does not pose a flight risk.

They add that CZ should be allowed to temporarily return to the United Arab Emirates (UAE), where he is a citizen and where his family resides.

According to a recent filing, CZ’s lawyers also support the recent arguments made by Judge Brian Tsuchida, who is overseeing the case. The judge acknowledged that Zhao’s initial presence in the US was convincing and stated that CZ poses no flight risk.

“Based on all relevant facts, including Mr. Zhao’s voluntary surrender, his intention to resolve this matter, and the significant amount of bail he has proposed, Judge Tsuchida concluded that Mr. Zhao poses no flight risk, even if he resides in the UAE,” the filing reads.

CZ’s lawyers also argue against the DOJ’s suggestion that he could ignore the financial loss related to his bail and that of his guarantors, who guaranteed CZ’s return in exchange for $100,000 and $250,000 in cash.

Defense’s Argument

Zhao’s lawyers contest the DOJ’s argument that his wealth and UAE citizenship make him likely to flee. They highlight Zhao and Binance’s commitment, his voluntary return to the US to plead guilty, and the lack of additional compelling arguments from the government to require him to remain in the US.

Context of a $4.3 Billion Case

As a reminder, the Binance founder pleaded guilty to a charge of bank secrecy violation in the US. His sentencing, scheduled for February 2024, could include up to 18 months in prison and a $50 million fine.

Meanwhile, Binance has agreed to pay a $4.3 billion fine and accept Zhao’s resignation as CEO.

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