US Prosecutors Request Former Binance CEO to Stay in the US
The US Department of Justice (DOJ) has expressed concerns about the bail conditions granted to former Binance CEO Changpeng “CZ” Zhao. They argue that allowing him to return to the UAE poses a flight risk, and therefore, he should remain in the United States until his sentencing. The DOJ initially agreed to bail because of CZ’s guilty plea and cooperation with the government, but they now fear he may never face justice if he fails to appear.
The absence of an extradition treaty between the UAE and the US further complicates matters. CZ’s lawyers contend that he poses no flight risk and has no incentive to escape given the light sentence proposed for him.
Possible Heavier Sentence for Changpeng Zhao
While it was previously speculated that CZ would receive a sentence of up to 18 months in prison, prosecutors are now suggesting that he could face a longer term. In their court filing, they indicated that they might argue for the maximum statutory sentence of 10 years. They believe this restriction is necessary to ensure CZ takes his sentencing seriously.
Former SEC Attorney John Reed Stark supports the DOJ’s position and believes CZ should be prohibited from traveling to the UAE. He even compared CZ’s crimes to “mass murder and mayhem” and expressed support for any additional sentence prosecutors might pursue.
Hot Take: Uncertainty Looms Over Former Binance CEO’s Future
The US government continues to challenge Changpeng Zhao’s bail conditions, raising doubts about his ability to leave the country before his sentencing. With concerns over flight risks and the absence of an extradition treaty with the UAE, CZ’s legal battles persist. Moreover, prosecutors now suggest that he could face a much harsher sentence than previously anticipated. As the case unfolds, CZ’s fate remains uncertain, with his sentencing scheduled for February 23, 2024.
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