Changpeng Zhao (CZ) agrees to $175 million release bond
Binance founder Changpeng “CZ” Zhao will pay a $175 million release bond after pleading guilty to violating the Bank Secrecy Act. Bail documents filed in federal court in Seattle set out conditions, including an agreement to return to the U.S. 14 days before sentencing on Feb. 23, 2024.
$15 million forfeited from trust account if bond conditions are violated.
Zhao had $15 million deposited in a trust account separate from the bond, which would be forfeited if he did not comply with the terms of the bond. The bond agreement lists two sureties. Zhao pleaded guilty to violating the Bank Secrecy Act and could be sentenced to 18 months in prison.
Departs as Binance CEO amid $4.3 billion settlement
Following the $4.3 billion agreement between Binance and the United States, CZ stepped down from his position as CEO of Binance. He tweeted that he was resigning emotionally, but acknowledged it was the right decision. Richard Teng, former global head of regional markets, has been appointed as the new CEO.
CZ’s future plans and role in Binance
CZ announced in a statement that it would take a short break and announced plans to passively invest in startups related to blockchain, Web3, DeFi, AI, and biotechnology. He emphasized his role as a shareholder and former CEO, which allowed him to continue to consult with his team.