Arthur

April

Billion

Binance founder Changpeng “CZ” Zhao’s defense team has asked the court to grant probation as he is a first-time, non-violent offender who committed an offense with no intention to harm anyone. Several factors including the crypto community support appropriately led probation to recommend a modest downward variance, <a rel="noopener noreferrer nofollow" href="https://storage.courtlistener.com/recap/gov.uscourts.wawd.328570/gov.uscourts.wawd.328570.82.0.pdf" target="_blank">CZ’s</a> attorney claims.
<h2 id="changpeng-cz-zhao-ask-for-probation">Changpeng “CZ” Zhao Ask For Probation</h2>
In a sentencing memorandum submitted on behalf of former Binance CEO Changpeng “CZ” Zhao, attorneys claim Zhao should be sentenced to probation. While <a href="https://coingape.com/breaking-binance-founder-changpeng-zhao-likely-to-face-36-months-in-prison/" target="_blank" rel="noopener noreferrer nofollow">US prosecutors</a> seek 36 months of prison sentence in the upcoming sentence hearing on April 30, attorneys cited multiple factors as to why CZ should get probation.
<ol>
 <li>Nature and Circumstances of the Offense: CZ pleaded guilty to only anti-money laundering compliance failure and the government didn’t allege him to any crime involving money laundering, fraud, theft, market manipulation or any unlawful conduct</li>
 <li>CZ Personal History and Circumstances Support Lenience: He is devoted to his family, built Binance as a force for positive change, and collaborated with law enforcement to fight crypto crime and track illegal transfers. Changpeng Zhao also committed to charity with humanitarian aid by Binance Charity and took education initiatives.</li>
 <li>Zhao Has Shown Extraordinary Acceptance of Responsibility:&nbsp;Probation Office described CZ conduct as “remarkable” and “exceptional” acceptance of responsibility. Voluntarily appeared from a non-extradition country to plead guilty to criminal charges, paid a fine of over $4.3 billion along with personal fine of $150 million, and stepped down as CEO of Binance and related entities.</li>
 <li>Precedent and the Need to Avoid Sentencing Disparities Warrant Probation:&nbsp;18 U.S.C. § 3553(a) strongly favors probation, no similar defendants sentenced to prison term, and the CZ case similar to BitMEX prosecution where defendants served probation.</li>
 <li>Harsher Conditions for Noncitizen:&nbsp;CZ will unfairly face harsher conditions if imprisoned as compared to a US citizen, with home confinement in the UAE under a reputable U.S.-based global security firm seems appropriate.</li>
 <li> Remaining 18 U.S.C. § 3553(a) Factors Also Support Probation:&nbsp;Deterrence, protection to the public,&nbsp; needed training or rehabilitation, and seriousness of the offense is invalid.</li>
</ol>
Zhao’s defense is arguing for probation over prison, which could include home confinement at his home in Abu Dhabi, citing no risk of re-offending.
Also Read: <a href="https://coingape.com/pro-crypto-sarah-netburn-gets-nominated-as-district-judge-good-news-for-ripple/" target="_blank" rel="noopener noreferrer nofollow">Pro-Crypto Sarah Netburn Nominated As District Judge, Good News For Ripple?</a>
<h3 id="cz-gets-support-from-the-industry">CZ Gets Support from the Industry</h3>
Crypto community has shown unprecedented support for the release of CZ or a minimal sentence for pleading guilty of violating AML requirements.
The court has received hundreds of letters from <a href="https://coingape.com/binance-founder-cz-garners-family-support-amid-prison-term-woes/" target="_blank" rel="noopener noreferrer nofollow">CZ family</a>, friends, and colleagues supporting probation for Binance founder Changpeng Zhao. Industry participants also believe the 36-month sentence will be tougher on CZ.
BitMEX co-founder Arthur Hayes and Tron founder Justin Sun supported CZ. Justin Sun said he was deeply touched after reading the letters, especially by Yi He.
Also Read: <a title="How To Trade This Week As $9.4 Billion in Crypto Options Set to Expire" href="https://coingape.com/how-to-trade-this-week-as-9-4-billion-in-crypto-options-set-to-expire/" target="_blank" rel="noopener noreferrer nofollow">How To Trade This Week As $9.4 Billion in Crypto Options Set to Expire</a>
The post <a href="https://coingape.com/binance-founder-changpeng-cz-zhao-requests-probation-gets-unprecedented-support/" rel="noopener noreferrer nofollow">Binance Founder Changpeng “CZ” Zhao Requests Probation, Gets Unprecedented Support</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Binance Founder Changpeng “CZ” Zhao Requests Probation, Gets Unprecedented Support

Table of Contents

Coingape News Media

Other articles published on Apr 25, 2024

Shiba Inu Token Burning Accelerates Despite Market Downturn

What Is BYDFi? How to Open An Account On The BYDFi Platform?

Samourai Wallet Founders Arrested Over Money Laundering Allegations; Edward Snowden Weighs In

CBN Denies Mandating Banks to Freeze Crypto Exchange Accounts

BlackCard and BeCoin Experience Remarkable 4000% Value Surge Within 30 Days

Investment Alert: BEFE Coin Price Projected to Climb

Join our free newsletter for daily crypto updates!