As someone who closely follows the crypto space, I strongly believe that Changpeng Zhao (CZ) deserves leniency in sentencing and should be given probation instead of a three-year prison sentence. The defense team’s arguments are compelling, and CZ’s background, positive contributions to the crypto industry, and extraordinary acceptance of responsibility make a strong case for probation.
The legal team for Binance‘s co-founder and ex-CEO, Changpeng Zhao (CZ), has issued a response to the DOJ’s proposal of a three-year prison term at the upcoming hearing on April 30th.
Based on a recent court document submitted to the US District Court in the Western District of Washington, the defense attorneys are arguing for probation rather than the 36-month prison term proposed by the prosecution. They emphasized Zhao’s status as a first-time, non-violent offender as justification for a lenient sentence, explaining that CZ did not intend to harm anyone during the commission of the crime.
CZ Defense Team Fights for Probation
The lawyers additionally brought up various points to strengthen their argument, emphasizing the specifics of the crime and its context.
The defense argued that Zhao admitted fault only for failing to comply with AML regulations, without any accusations of engaging in severe financial misconduct like money laundering, fraud, embezzlement, market manipulation, or other criminal acts. Additionally, they highlighted CZ’s past accomplishments and depicted him as a responsible family man.
I’ve noticed that the defense argues that Zhao has collaborated with authorities in combating illegal activities related to cryptocurrencies. Moreover, they mentioned his engagement with Binance Charity and educational projects, which have positively impacted countless individuals around the globe.
CZ May Face Harsher Prison Conditions
The attorneys make their case for probation by referencing legal precedents and the importance of avoiding sentencing disparities. They draw comparisons to instances like BitMEX’s prosecution where defendants were given probation instead of prison time. Moreover, they emphasize that non-citizen defendants such as Zhao would face more challenging circumstances if imprisoned in the US. Therefore, they propose home confinement at a reputable American global security firm based in the UAE as a more fitting alternative.
One noteworthy aspect of Zhao’s case is his unprecedented acknowledgment of fault. The Probation Office has commended his actions as “remarkably exceptional” and “substantial,” as evidenced by his voluntary attendance to confess guilt, imposition of financial penalties amounting to over $4.3 billion, and relinquishing his positions at Binance.
Based on their perspective, the defense argues that these points might result in probation for him rather than a three-year prison sentence, as proposed by the DOJ. The final decision, though, is yet to be made next week.
CZ Apologies for His Offense
I’ve observed that CZ, formerly known as Changpeng Zhao, the ex-CEO of Binance, has made an official apology to Judge Richard A. Jones for insufficient Anti-Money Laundering (AML) measures during his leadership at the cryptocurrency exchange. According to Coinspeaker’s report on April 24, CZ publicly admitted fault and vowed never to compromise or face legal consequences again.
A Canadian citizen of Chinese descent, now residing in Canada, has gained sympathy and backing from crypto community members, such as relatives, pals, and workmates, who have made heartfelt appeals for leniency in sentencing.
Several supporters have written multiple letters to the court in hopes of securing probation instead of the suggested 36-month sentence for Binance founder CZ. Notable figures in the industry, such as Arthur Hayes of BitMEX and Justin Sun of HTX, express concern that CZ could be subjected to unequal treatment due to his non-US citizenship if the court rejects their plea for leniency.
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2024-04-25 14:12