Binance founder “CZ” Released On $175 Million Bond With a Condition

Date: 22 Nov 2023

By- CoinsProbe

$175 Million Bond:

Changpeng Zhao (CZ) has posted a $175 million bond as part of his legal proceedings.

Return Conditions:

CZ agrees to return to the U.S. 14 days before his sentencing on Feb. 23, 2024, potentially allowing him to return to Dubai.

Court Document:

The bond document, filed on Nov. 21 in a Seattle federal court, outlines CZ's commitment to sharing his residence details.

Penalties for Non-Appearance:

Failure to appear in court carries a $250,000 fine and a maximum of 10 years in jail for CZ.

Trust Account

CZ posted $15 million in a separate trust account, forfeitable if he doesn't adhere to bond conditions, with additional guarantors listed.

Guilty Plea

Zhao pleaded guilty to violating the Bank Secrecy Act, facing an 18-month sentence.

Bail Order Review:

The U.S. is expected to review Zhao’s bail order, effective on Nov. 27 if not reviewed sooner.

Dubai Residence:

Despite being based in Dubai, where there's no extradition agreement, the U.S. and the UAE have a bilateral agreement for law enforcement cooperation.

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