Binance founder CZ released on $175M bail; faces 18-month prison term for money laundering, with review by Nov 27.
After pleading guilty in a Seattle court, Binance founder Changpeng Zhao (CZ) was released on a $175 million bail. He must return to the United States 14 days before the court hearing on February 23, 2024, or face arrest and further penalties.
CZ's Bail Terms: After pleading guilty to anti-money laundering offenses, CZ resigned as CEO of Binance. He agreed to a personal fine of $50 million, while Binance will pay $4.3 billion. His bail conditions require him to disclose contact information and to refrain from committing any offenses.
He must also avoid eyewitnesses and refrain from using controlled substances without a prescription. CZ is also expected to help with DNA collection if necessary.
Along with the bond, CZ deposited $15 million in a trust account, putting his money at risk if he goes against the bail terms.
Three hundred thousand dollars were donated by two guarantors. A district judge is reviewing the order, which might be changed by November 27.
CZ might face up to 18 months in prison, with the possibility of a longer term.
