Simple Money Goal
  • Economy
  • Editor’s Pick
  • Investing
  • Politics
  • Stock
  • Top News
  • Economy
  • Editor’s Pick
  • Investing
  • Politics
  • Stock
  • Top News
No Result
View All Result
Simple Money Goal
No Result
View All Result
Home Investing

Former Binance CEO CZ Released on $175 Million Bond, Sentencing Hearing Set for February 2024

by
November 22, 2023
in Investing
0
Former Binance CEO CZ Released on $175 Million Bond, Sentencing Hearing Set for February 2024

Source: GeekWire/ Taylor Soper

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

This follows his guilty plea to charges of violating the Bank Secrecy Act. A plea made during a court appearance where federal officials accused him of directing Binance to allow U.S. customers onto the platform without proper know-your-customer or anti-money laundering checks.

CZ could still face a maximum sentence of 18 months in prison as per the plea deal.

CZ out on $175m bond pic.twitter.com/UL80rNlfQR

— db (@tier10k) November 21, 2023

CZ’s Sentencing Hearing Scheduled for February 23, 2024


As part of his release conditions, Zhao is 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.

Two guarantors, pledging $250,000 and $100,000 respectively, further support his release. A sentencing hearing is now scheduled for February 23, 2024, at 9 a.m. Pacific Time.

Zhao is also prohibited from breaking the law, tampering with witnesses or victims, and consuming non-prescribed controlled substances – standard provisions in a bond release.

The order seemingly permits Zhao to leave the U.S., with the condition that he returns 14 days prior to sentencing. Federal prosecutors, however, expressed their intention to appeal this provision to a higher judicial authority.

Zhao’s resignation from Binance, announced as part of the settlement with the U.S. Department of Justice, involves the exchange paying a hefty $4.3 billion in penalties to various federal agencies.

Additionally, the settlement mandates rigorous oversight through multiple monitors for Binance’s operations over the next five years. Attorney General Merrick Garland highlighted the significance of this penalty during a press conference, noting it as one of the largest ever obtained from a corporate defendant in a criminal matter.

The post Former Binance CEO CZ Released on $175 Million Bond, Sentencing Hearing Set for February 2024 appeared first on Cryptonews.

Previous Post

Chinese Police Warn of Rise in CBDC-themed Money Laundering Schemes

Next Post

Sam Altman’s Role at Worldcoin Remains Unchanged Despite OpenAI Controversy

Next Post
Sam Altman’s Role at Worldcoin Remains Unchanged Despite OpenAI Controversy

Sam Altman’s Role at Worldcoin Remains Unchanged Despite OpenAI Controversy

Subscribe to Simplemoneygoal.com

    Trump’s tariffs on Brazil could make your coffee even more expensive
    Politics

    Trump’s tariffs on Brazil could make your coffee even more expensive

    July 11, 2025
    Italian chocolate giant Ferrero to buy Kellogg’s Froot Loops maker
    Politics

    Italian chocolate giant Ferrero to buy Kellogg’s Froot Loops maker

    July 10, 2025
    White House accuses Powell of mismanaging Federal Reserve, citing headquarters renovation
    Politics

    White House accuses Powell of mismanaging Federal Reserve, citing headquarters renovation

    July 10, 2025
    Sports executive charged with bid-rigging in Texas arena project
    Politics

    Sports executive charged with bid-rigging in Texas arena project

    July 10, 2025
    • About us
    • Contacts
    • Email Whitelisting
    • Privacy Policy
    • Terms and Conditions

    Copyright © 2023 Daily Trading Digest. All Rights Reserved.

    No Result
    View All Result
    • Economy
    • Editor’s Pick
    • Investing
    • Politics
    • Stock
    • Top News

    Copyright © 2023 Daily Trading Digest. All Rights Reserved.