Changpeng Zhao Released on $175M Bail
Main page News, US, Binance

Changpeng Zhao "CZ", the founder of crypto exchange Binance, resigned from his position as CEO of the company on Tuesday and pleaded guilty to breaking US anti-money laundering laws.

He has been released after posting $175 million bail, CoinDesk has reported.

The sentencing is scheduled for February 23, 2024.

In addition to the bail, Zhao must deposit $15 million in a trust account at law firm Davis Wright Tremaine, an amount he will lose if he violates the conditions of his release. He also needs two guarantors who will contribute $250,000 and $100,000.

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According to the conditions of release, Zhao can leave the United States, but must return to the country 14 days before sentencing. It should be noted prosecutors intend to appeal the decision.

Zhao has previously pleaded guilty to violating the US Department of Justice's Bank Secrecy Act and agreed to resign as CEO of Binance.

As part of the settlement, the platform will cease operating in the US and will also pay $3.4 billion to FinCEN and $968 million to OFAC.

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