Changpeng Zhao, often known as CZ, the creator of the biggest cryptocurrency exchange Binance, has agreed to pay a massive $175 million release bail and return to the United States before to his sentence.
CZ has promised to attend in court on February 23, 2024, when the sentence hearing for the charges of money laundering through Binance will take place, according to the bail submitted to a federal court in Seattle. He also stated that he would be subject to a $250k fine and even up to 10 years in jail if he did not show up for his sentence.
The bail paperwork also lists a number of requirements that CZ must meet in order to be freed from custody and relocate outside of the US, most likely to Dubai, where he has been residing and conducting business over the previous few years.
In addition to the bond’s purchase price, CZ placed $15 million into a trust account, which he will lose in the event that the bond’s requirements are not met. Two guarantors who have posted $250k and $100k CZ’s release bond are also listed in the document.
Nonetheless, the order will be examined by the US, and it will take effect on November 27 if the District Judge approves it or not.