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U.S. prosecutors argue CZ may face up to 10 years and should be detained in the U.S.

Press Releases Crypto News CryptoSlate U.S. prosecutors argue CZ may face up to 10 years and should be detained in the U.S.

In a filing on Nov. 24, U.S. prosecutors noted that they may go beyond the guidelines and seek the statutory maximum prison sentence of 10 years for former Binance CEO Changpeng Zhao (CZ). The prosecution’s filing was submitted in response to CZ’s opposition to the government’s motion to detain him in the U.S.

The prosecutors noted:

“The reality is that the top-end of the Guidelines range may be as high as 18 months, and the United States is free to argue for any sentence up to the statutory maximum of ten years.”

According to John Reed Stark, former chief of the Securities and Exchange Commission’s (SEC) enforcement division, this is the “first time” the prosecution has stated in “clear and certain terms” that they may seek sentencing of up to 10 years.

Prosecutors contend that CZ presents a flight risk

Arguing for CZ’s detention, the Department of Justice (DOJ) lawyers said that the “penalties he faces at sentencing will no doubt seem significant to him,” which “weighs in favor of the reasonable restrictions.”

CZ, a multi-billionaire citizen of UAE, has pleaded guilty to one charge of the Bank Secrecy Act violation. In the majority of similar cases, such defendants would normally be detained in the U.S., the prosecutors noted.

However, this is an “unusual case” since CZ voluntarily came to the U.S. to face justice, the prosecutors noted. This singularity was the reason why the prosecutors allowed CZ to remain free until his sentencing, which is scheduled for February 23, 2024.

However, the decision did not indicate the prosecution’s belief that CZ “presented no flight risk,” the DOJ lawyers noted. In fact, the prosecutors believed that CZ’s flight risk could be “managed” by restricting his travel and preventing him from flying back t

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Author: Monika Ghosh

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