Changpeng Zhao was taken into custody after pleading guilty to violating the Bank Secrecy Act in court. Federal officials said he ordered Binance to allow U.S. customers to use the platform without conducting proper checks.
To get bail, Zhao placed $15 million in a trust account with the law firm Davis Wright Tremaine. He also found two sureties who paid $250,000 and $100,000 respectively.
Conditions of his release prohibit Zhao from breaking the law or tampering with witnesses or victims. The decree appears to allow Zhao to leave the US and return to the UAE. However, he must arrive in the United States 14 days before sentencing. A new hearing is scheduled for February 23, 2024 at 9 a.m. PT.
Zhao agreed to remain in the Seattle area until Monday, November 27, allowing Justice Department lawyers and his attorneys to resolve differences with the district judge overseeing the case. Because Zhao pleaded guilty under the agreement, he waived his right to appeal any sentence within 18 months.
Previously, Matrixport analyst said that the conclusion of an agreement between the CEO of the largest crypto exchange Binance Changpeng Zhao and the American authorities will strengthen confidence in the crypto industry.
Source: Bits
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