Binance Founder Changpeng 'CZ' Zhao Released on $175M Bond, Will Be Sentenced in February
Summary
Binance founder and ex-CEO, Changpeng "CZ" Zhao, has been released from custody on a $175 million bond after pleading guilty for violating the Bank Secrecy Act. Zhao was charged with allowing U.S. customers to use Binance without proper checks. A court filing confirmed that apart from the bond, Zhao is posting $15 million separately, set to be forfeited if he breaks his release conditions. Zhao has also agreed to a $50 million fine as part of a settlement, and Binance will pay $4.3 billion in penalties over the next five years as part of a settlement with various federal agencies. Zhao has also resigned from Binance.
