Binance Founder’s Lawyers Aim for Home Detention not Jail
- Lawyers representing former Binance CEO Changpeng Zhao asked the court not to throw CZ behind bars.
- They argued that CZ voluntarily pleaded guilty, adding that he is a public figure with no criminal record.
- The lawyers suggested to the authorities an approach involving home detention and incarceration.
- CZ was released on a bail bond worth $175 million on the condition that he would return 14 days prior to sentencing.
The lawyers representing Changpeng Zhao, also known as CZ in the digital asset sector and the former chief executive of Binance, filed a legal brief earlier this week, asking for the crypto billionaire not to be imprisoned. The crypto entrepreneur and the world’s largest crypto exchange by trading volume pleaded guilty earlier this week.
The legal representatives of the former Binance executive suggested to the authorities an approach involving home detention and incarceration, adding that CZ is a public figure with no criminal record and does not pose a flight risk as he is ready to take full responsibility.
The lawyers also noted that Zhao has no plans of absconding because he voluntarily came to the court “to accept responsibility and plead guilty, and the government’s motion should be denied.” The United States prosecutors filed a motion, asking for the Binance chief to not be allowed to leave the country because he possesses flight risk.
The lawyers asked CZ to be allowed to visit his family in the United Arab Emirates, where he holds his citizenship. However, the prosecutors believe that Zhao will not return once he leaves the US, and the authorities won’t be able to bring him back because there is no extradition treaty between the UAE and the US.
As reported earlier by Bitnation, Zhao was released on a $175 million bail bond with the condition that he would return to the United States fourteen days prior to his sentencing on February 23, 2024. Interestingly, the US prosecutors interfered, calling CZ a flight risk and asking him to be detained.
“I have full intention to come back here and close this issue, otherwise I wouldn’t be here today. So the issue was there, we got to an agreement, and I will close the issue now. Thank you. I will return,” CZ told the judge in court.
It is also crucial to note that Binance and CZ both pleaded guilty voluntarily and settled with the Department of Justice (DoJ) for a whopping $4.5 billion. The DoJ, as a result, dropped all charges against the exchange, which included violations of AML and KYC laws along with violations of sanctions imposed by the US.