Attorney Matthew Diggs Represents Changpeng “CZ” Zhao
Changpeng Zhao, the former CEO of Binance, has hired attorney Matthew Diggs from Davis Wright Tremaine LLP to represent him in his legal case. Diggs is a former federal prosecutor with extensive experience in criminal and civil regulatory matters. He specializes in cases related to healthcare fraud, environmental crimes, investment fraud, and tax prosecutions.
Diggs will be part of the legal team defending CZ against the US government’s lawsuit. His goal will be to help CZ minimize his potential prison sentence, which currently stands at 10 years.
Judge Puts a Hold on Magistrate Judge’s Decision
Judge Richard Jones of the US District Court for the Western District of Washington has decided not to allow CZ to return to the UAE before his sentencing. This decision comes after Magistrate Judge Brian A. Tsuchida granted CZ permission to travel back to the UAE while on bond.
CZ will remain in the US until the court reviews the plaintiff’s motion. Despite facing a potential 10-year prison sentence, CZ is expected to receive a much shorter sentence, possibly around 18 months. Additionally, he has agreed to pay a $50 million fine.
Coinbase CEO Brian Armstrong has called for clear regulations in the cryptocurrency industry following the settlement with Binance.
Hot Take: CZ’s Legal Battle Continues
Changpeng “CZ” Zhao’s fight against the US government’s charges continues as he hires attorney Matthew Diggs and awaits sentencing. The judge has put a hold on allowing CZ to return to the UAE, prolonging his stay in the US. However, it is expected that CZ will receive a reduced prison sentence and will pay a hefty fine.
This ongoing legal battle highlights the need for clear regulations in the cryptocurrency industry. As Coinbase CEO Brian Armstrong suggests, it’s time to move forward and establish a regulatory framework that can provide clarity and stability for businesses and investors in the crypto space.
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