2023-11-22 12:33:19
The founder and former CEO of cryptocurrency exchange Binance, Changpeng Zhao (CZ), has been released on $175 million bail. Sentencing is scheduled for February 23, 2024. CZ pleaded guilty on Tuesday to violating US anti-money laundering requirements. According to the allegations, Binance advised its US customers to avoid US regulation and helped hide their activities from authorities. Related: CZ resigned, what will happen to Binance? According to the court filing, the man posted $15 million and agreed to forfeit the amount if he violates the conditions of his release (which are the standard terms of a bail bond). The order allows Zhao to leave the United States, but he must return 14 days before the sentencing. All of this, however, was not to the liking of federal prosecutors, which is why they are appealing. In order for his lawyers to clear the terms with the Department of Justice, CZ agreed to remain in the city of Seattle until November 27. According to another filing, the Justice Department and Zhao agreed to a $50 million fine, but no jail time. Binance to pay $4.3 billion in fines over allegations of money laundering and sanctions violations. “Binance became the world’s largest cryptocurrency exchange in part because of the crimes it committed – now it is paying one of the largest corporate penalties in US history,” said Attorney General Merrick Garland.
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