Binance Founder Pledges $175M Bond; Faces Penalties for Absence from U.S. Court Hearing
Summary:
Changpeng “CZ” Zhao, Founder of Binance, consents to post a $175 million bond and pledges to return to the U.S. two weeks before his sentencing on Feb. 23, 2024. The terms of the bond, lodged in a Seattle federal court on Nov. 21, allow for an arrest warrant to be issued if Zhao fails to appear. A failure in court attendance carries a $250,000 penalty and up to a decade in prison. The U.S. government is due to examine Zhao’s bail conditions, set to be effective from Nov. 27.
Changpeng “CZ” Zhao, the creator of Binance, has agreed to post a release bond of $175 million and plans to repatriate to the US a fortnight before his sentencing on Feb. 23, 2024, which could potentially allow him to journey back to Dubai. A stipulation detailed in a bond document lodged at a Seattle federal court on Nov. 21, indicates that Zhao has consented to inform the court of his intended living arrangements and that an arrest warrant could be issued if he fails to present himself on his court date. A no-show in court incurs a penalty of $250,000 and a potential imprisonment of up to 10 years. The U.S. government is set to evaluate Zhao’s bail stipulation as submitted to a Washington District Court. Should a judge decline to examine the order, it will go into effect at 5 pm Washington time on Nov. 27. However, if an assessment is authorized prior to the set date, Zhao is obligated to remain in the U.S. until a final judgement is handed down.
Published At
11/22/2023 12:28:18 AM
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