Binance ex-CEO CZ released on $175 million bond after U.S. criminal charges

Changpeng Zhao, who stepped down as CEO of Binance today, will pay a $175 million personal recognizance bond after pleading guilty to criminal charges in the U.S.

A court filing showed that Zhao must put in $175 million for the bail and must agree to appear in court in Seattle on February 23 next year for sentence hearings. Zhao is also placing $15 million held in a Davis Wright Tremaine trust account. The bond requires two guarantors, who must pledge $250,000 and $100,000, respectively.

Earlier today, Zhao pleaded guilty to violating the Bank Secrecy Act and stepped down as the CEO of the world’s largest crypto exchange. As part of the plea deal, Zhao agreed to pay a $50 million fine, and Binance will pay a $4.3 billion fine for violating money transmission laws and U.S. sanctions.

Bond conditions

If Zhao fails to show up at the court in February 2024 as outlined in the appearance bond document, he will face up to 10 years' imprisonment and a fine of $250,000. He’s required to return to the U.S. 14 days before the scheduled sentencing date.

The document states that the U.S. will seek a review of the bail order, and if a district judge denies the review, the order will become effective on November 27. If the judge grants the review by November 27, Zhao should stay in the U.S. pending the judge’s decision.