The founder of the largest crypto exchange Binance, Changpeng Zhao aka CZ will pay a whopping amount of $175 million for his release bond while agreeing to return to the United States before his sentencing.
In the bond filed to a Seattle federal court, CZ has stated he will appear in court on February 23, 2024, when the sentencing will be heard over the charges of money laundering through Binance. He also acknowledged that failing to appear at sentencing will have him fined $250k and up to 10 years of imprisonment.
The bond document has also stated several conditions that CZ has agreed to in order to be released and move outside the United States, probably to Dubai where he has been living and managing business for the past few years.
Alongside the amount paid for the bond, CZ also deposited $15 million in a trust account which he will forfeit if he fails on conditions cited in the bond. The document also lists two guarantors with posting $250k and $100k CZ’s release bond.
The order, however, will be reviewed by the United States and if the District Judge allows or else it will be effective from November 27. If the judge grants a review before that date, Zhao must stay in the U.S. until a decision is made.
Also Read: Binance’s CZ Resignation Triggers BNB’s Price Surge and Drop
