Binance Former CEO Released on $175M Bond
Today, Changpeng Zhao stepped down as CEO of Binance and is required to pay a $175 million personal recognizance bond after pleading guilty to criminal charges in the United States.
According to court filings, Zhao must provide the bail amount and appear in court in Seattle on February 23, 2022, for sentence hearings. He will also deposit $15 million into a Davis Wright Tremaine trust account and have two guarantors pledging $250,000 and $100,000, respectively.
Following his guilty plea for violating the Bank Secrecy Act, Zhao agreed to a $50 million fine and the imposition of a $4.3 billion fine on Binance for violating money transmission laws and US sanctions.
If Zhao fails to appear in court in February 2022, he could face up to 10 years in prison and a $250,000 fine. He must also return to the US 14 days before the scheduled sentencing date.
