Binance Vs SEC Case: Major Development Ahead Changpeng ‘CZ’ Zhao Release

Binance vs SEC Case: The U.S. Securities and Exchange Commission (SEC) lawsuit against Binance, Binance.US, and co-founder Changpeng Zhao witnessing key developments. The move comes as the release of Binance co-founder Changpeng Zhao comes near as he was moved from prison to a halfway house in California.

Notable Filings Related to Changpeng Zhao in Binance Vs SEC Case

In the recent updates in the Binance vs SEC lawsuit, several filings were submitted related to co-founder CZ. This has sparked speculation about whether it is related to Changpeng ‘CZ’ Zhao’s release.

CZ expected release is on September 29 as the court sentenced him to 4 months of prison sentence after he pled guilty to anti-money laundering laws violations and agreed to step down from the CEO role.

Judge Amy Berman Jackson has granted an order allowing attorney Emily Casey Warren Kapur to appear as pro hac vice on behalf of CZ. Kapur is a partner at Quinn Emanuel Urquhart & Sullivan LLC.

Moreover, the attorneys including Abid Riaz Qureshi, Benjamin Naftalis, and Heather A. Waller have filed notices of withdrawals as attorneys for Binance founder Changpeng Zhao. Notably, 10 attorneys have filed to withdraw as attorneys, indicating a key change in the Binance vs SEC lawsuit.

“This withdrawal will not unduly delay trial, which has not yet been scheduled. Additionally, no party will be unfairly prejudiced by this withdrawal, and it is not counter to the interests of justice,” the filing reads.

Will the Agency Drop Charges Against Former Binance CEO?

Amid a major political shift due to elections in the U.S., the crypto industry is optimistic about positive development including regulatory clarity and mainstream adoption. There is also speculation that charges against CZ could be dropped similar to Ripple executives.

As the crypto community awaits the release of former Binance CEO Changpeng Zhao, he was likely moved from prison to the RRM Long Beach halfway house in California. CZ plans to work on his new education-focused business Giggle Academy.

However, the district judge in the Binance vs SEC lawsuit ordered that claims against defendant Zhao as a control person over Binance and BAM Trading (Binance.US) for their alleged violations of the Exchange Act to proceed.