Changpeng Zhao ‘CZ’, former CEO of Binance, has countered the government’s efforts to secure his imprisonment by filing a legal brief.
The brief challenges assertions of him being a flight risk, particularly disputing the government’s claim that there exists no extradition arrangement. Instead, Zhao’s legal team suggests a strategy involving a mix of home detention and incarceration.
Argument Against Flight Risk
In the filing, it’s emphasized that Zhao poses no flight risk, having willingly presented himself before the Court, acknowledging responsibility, and pleading guilty. The defense strongly opposes the government’s motion, citing Zhao’s voluntary appearance, lack of a criminal record, and the rigorous bail conditions set by the magistrate judge.
The defense underscores Zhao’s voluntary appearance in the US, his clean record, along with the stringent bail conditions imposed by the magistrate judge. Additionally, they challenge the government’s claim regarding extradition, arguing that Zhao’s UAE citizenship does not imply a higher flight risk.
Financial Commitments and Bond Set
To secure Zhao’s release on bail, guarantors have provided over $5 million in cash and assets. Zhao has also transferred $15 million to his US attorney. The court mandated a substantial $175 million personal recognizance bond, leading to Zhao’s release on bail ahead of his February sentencing date.
Defense’s Perspective on Zhao’s Actions
Following his resignation from Binance and his guilty plea, Zhao’s defense asserts he has no reason to evade legal proceedings, especially considering the expected 10- to 18-month sentence. They argue that Zhao chose to confront the issue rather than flee, underscoring his commitment to resolving the dispute.
Court-Ordered Bond and Release: Zhao’s Legal Situation and Defense’s Perspective
The court instructed Zhao to post a substantial $175 million personal recognizance bond, and he has been released on bail until his sentencing hearing in February. As part of the conditions, he must return to court in Seattle two weeks prior to the scheduled sentencing date.
Following his resignation from Binance and admission of guilt, the defense maintains that Zhao has no intention of fleeing, especially considering the anticipated sentencing guidelines of 10 to 18 months. They argue that instead of attempting to escape, he came forward to resolve the dispute.
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