Binance Founder Changpeng ‘CZ’ Zhao Released on $175M Bond, Will Be Sentenced in February

Binance founder and former CEO Changpeng “CZ” Zhao has been released from custody on a $175 million personal recognizance bond.

Zhao pleaded guilty to violating the Bank Secrecy Act in court earlier on Tuesday, after federal officials alleged he directed Binance to allow U.S. customers to use the platform without conducting proper know-your-customer or anti-money laundering checks.

According to a court filing, he’s posting $15 million held in a trust account by Davis Wright Tremaine (separate from the bond) and agreeing to forfeit funds if he violates the terms of his release. He’s also finding two guarantors, who are pledging $250,000 and $100,000 respectively. A sentencing hearing has been scheduled for Feb. 23, 2024, at 9 a.m. Pacific Time.

Source: Binance Founder Changpeng ‘CZ’ Zhao Released on $175M Bond, Will Be Sentenced in February