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Crypto - Former CEO of Binance still not in prison! Could he ultimately escape?

Fri 17 May 2024 ▪ 3 min of reading ▪ by Eddy S.
Regulation Crypto

The legal saga surrounding Changpeng Zhao keeps everyone on the edge of their seats. Sentenced to 4 months in prison for his actions at the head of Binance, the former crypto baron has not yet taken the path to the cells. A situation that fuels speculation. Is CZ preparing an escape? Or are the wheels of justice protecting him nonetheless?

Crypto Binance Changpeng Zhao

From the outset, Changpeng Zhao went all out to ensure his defense. Indeed, the former CEO of the crypto exchange Binance surrounded himself with a veritable army of top lawyers. No fewer than 7 attorneys from 3 renowned firms pleaded his case. A successful strategy, as it seems to have allowed valuable time before incarceration.

Apparently, if CZ is still free, it’s primarily for a procedural reason. Under American laws, the Bureau of Prisons must examine certain criteria before deciding on the place of incarceration. Prison resources, the nature of the offense, the profile of the convict: these are all points that must be meticulously examined. An ant-like task that the competent services have obviously not yet completed in the case of the former Binance boss.

Could the former crypto baron get away with it?

The former head of the crypto exchange Binance’s legal team also seems to have pulled out the heavy artillery. These heavyweight lawyers rely on the fundamental principle of “due process.” This constitutional protection theoretically guarantees a regular, fair, and lawful procedure. A loophole that CZ’s defenders could use to possibly overturn the sentence.

In the end, the situation seems only temporarily stalled. On one side, the authorities are multiplying checks to ensure that CZ will serve his sentence under adequate conditions. On the other, his lawyers appear ready to explore all legal loopholes. Between blind defense and strict adherence to procedures, the standoff increases day by day in the crypto ecosystem.

Changpeng Zhao remains at the center of the legal arena, although still free for now. His lawyers skillfully juggle the subtleties of the law while the State seems determined to show its full resolve. Whatever happens, it is now a battle of titans being played out. The world of crypto will hold its breath until the next news.

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Eddy S. avatar
Eddy S.

Le monde évolue et l'adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto à la base, je m'intéresse à tout ce qui touche de près ou de loin à la blockchain et ses dérivés. Dans l'optique de partager mon expérience et de faire connaître un domaine qui me passionne, rien de mieux que de rédiger des articles informatifs et décontractés à la fois.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.