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Changpeng ‘CZ’ Zhao, former Binance chief executive officer (CEO), contesting DOJ prosecutors’ claim that he is a flight risk. The move comes as CZ, facing a prison sentence of 10 years, was released from custody on a $175 million personal recognizance bond and wanted to travel back to the UAE before pending sentencing for charges he pled guilty.
Matthew Diggs Files As Attorney For Changpeng “CZ” Zhao
Attorney Matthew Diggs, partner at the law firm Davis Wright Tremaine LLP, has filed a notice of attorney appearance for Changpeng Zhao, as per a court filing late November 27.
Diggs is a former federal prosecutor with more than 15 years of criminal and civil regulatory experience. He assisted clients with challenging white-collar cases and investigations. His expertise lies in healthcare fraud, environmental crimes, investment fraud, and tax prosecutions.
He has successfully handled multiple complex litigation matters, such as defending against False Claims Act investigations and other government enforcement actions.
He is part of the Davis Wright Tremaine team defending CZ in the US government lawsuit. He will likely aim to help CZ restrict his prison sentence to much lower than the theoretical 10 years.
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Judge Puts Stay on Magistrate Judge’s Decision
CZ has failed to convince Judge Richard Jones of the U.S. District Court for the Western District of Washington to let him return to the United Arab Emirates pending sentencing. Judge Jones put on hold a ruling by Magistrate Judge Brian A. Tsuchida permitting CZ to return to the UAE pending sentencing, in accordance with the conditions of his appearance bond.
Former Binance CEO CZ will remain in the U.S. until the court resolves the plaintiff’s motion for review. He faces 10 years in prison but is expected to get no more than 18 months. CZ also agreed to pay a $50 million fine.
Coinbase CEO Brian Armstrong said that it’s time to turn the page after the Binance settlement and look ahead for clear regulations.
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