Former CEO of the Binance exchange Changpeng Zhao (CZ) is out on bail of $175 million. He can leave the country, but undertakes to return two weeks before the sentencing.
According to the document, two guarantors vouched for CZ. They contributed $250,000 and $100,000 respectively. Their names have not been disclosed.
Judging by the papers, Zhao's bail conditions are standard. He undertakes not to interfere with the investigation and not to have any contact with witnesses of the trial.
CZ is also required to indicate his residential address. If he fails to appear in court, which is scheduled for February 23, 2024, he will face arrest and a fine of $250,000. The maximum prison term in this case will be 10 years.
Zhao has agreed to stay in Seattle until November 27, 2023, according to CoinDesk. According to the publication, the prosecutor's office plans to appeal one of the points in the ruling that allows CZ to leave the country.
Let us remind you that Zhao was found guilty of violating the Bank Secrecy Act. The maximum sentence under this article is 18 months in prison. However, the New York Times reported that prosecutors would seek a more severe penalty.
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