Defense Lawyers Challenge Flight Risk Allegations
The defense attorneys representing former Binance CEO Changpeng Zhao have responded to claims by the government that he poses a flight risk and should not be allowed to leave the country.
Zhao’s Motivation to Stay
In a court filing, Zhao’s lawyers argued that he is not a flight risk, pointing out that he voluntarily traveled to the United States to surrender and take responsibility for his crimes. They also emphasized that he has no criminal record and is well-known internationally.
The defense team further highlighted that Zhao recently became a father for the third time, and preventing him from reuniting with his family would be punitive.
Consequences of Fleeing or Returning
Zhao’s defense team asserted that fleeing would lead to additional charges, potentially harsher penalties, and other serious consequences for both Zhao and Binance. On the other hand, returning to the US could result in a shorter or even no prison sentence, allowing him to resume his family life after resolving the matter.
Zhao Asserts His Position
During a hearing, Zhao expressed his desire to take responsibility for his actions and move forward. He also denied any intention of evading justice in the United Arab Emirates, stating that he considered their offer of citizenship an honor and did not intend to use it as protection.
A Multibillion-Dollar Penalty and Leadership Transition
Zhao’s legal response comes after pleading guilty to anti-money laundering charges and stepping down as CEO of Binance. As part of the settlement, Binance will withdraw completely from the US market and pay a $4.3 billion penalty to federal government agencies. Richard Teng, former Head of Regional Markets for Binance, has taken over as CEO.
Zhao’s Current Situation and Sentencing
Currently, Zhao has been released on a $175 million bond. He could face a maximum prison sentence of 10 years. His sentencing is scheduled for February 23rd, 2024.
Hot Take: Defense Counters Flight Risk Allegations in Binance CEO’s Case
Defense attorneys representing former Binance CEO Changpeng Zhao have filed a legal response opposing the government’s claims that he poses a flight risk. They argue that his voluntary surrender and lack of criminal history make him unlikely to flee. Zhao himself has expressed his willingness to take responsibility for his actions and has denied any intention of evading justice. The outcome of this case will determine the future of both Zhao and Binance, as the crypto exchange faces significant penalties and a leadership transition. The sentencing in February 2024 will mark a crucial turning point in this high-profile legal battle.
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