Our Boss Binance founder Changpeng Zhao released on $175 million bail

The court released the former CEO of the Binance cryptocurrency exchange Changpeng Zhao (CZ) from custody on bail of $175 million, CoinDesk reports , citing court documents.

Sentencing is scheduled for February 23, 2024. 

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

Conditions of his release allow CZ to leave the United States, but he must return to the country 14 days before sentencing. Prosecutors intend to appeal the decision.

Zhao previously pleaded guilty to violating the Bank Secrecy Act on charges from the US Department of Justice and agreed to resign as CEO of Binance. 

As part of the settlement, the exchange will make a “complete exit” from the United States and will also pay $3.4 billion toFinCENand $968 million -OFAC. In this case, CZ must personally pay a fine of $50 million

“This is one of the largest recoveries we have ever received from a corporate criminal defendant,” said Attorney General Merrick Garland.

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