Changpeng Zhao (CZ) offered to the US criminal court that he could surrender his ownership interests in Binance as a guarantee that he would return to the US.
Changpeng Zhao (CZ) is the founder and former CEO of Binance crypto exchange, the best digital asset trading platform by 24-hour trading volume. Just a few months ago, CZ resigned from the role of CEO of Binance as part of a settlement agreement with US authorities.
In addition to the $4.3 billion fine as part of the plea agreement, the district court judge ruled that CZ would have to serve a prison term. So far, CZ’s prison sentence hearing is pending.
CZ’s family lives in the UAE (Dubai) and he requested the court to allow him to visit the UAE to meet the family, but the judge rejected his request as the opposition lawyers claimed that the chances were high that CZ would not return to the US.
Recently, CZ’s representative lawyers asked the court to retain $4.5 billion worth of Binance stakes as security to ensure his return to the US within the given time frame.
Now it will be interesting to see what the answer of the US court will be in this matter, because here CZ is ready to leave behind almost all the wealth he generated with the crypto empire Binance.
Binance vs SEC
With a settlement fine of $4.3 billion, Binance lawyers have settled the conflict with all US authorities except the US Securities and Exchange Commission (SEC).
As the SEC body forcibly regulates the crypto sector on behalf of traditional securities laws, Binance’s representative attorneys will do their best to legally combat the SEC’s allegations.
Currently, Kraken, Coinbase, Ripple Labs, BinanceUS, and Binance are top names in the legal battle against the SEC body.
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