Jakarta, CNBC Indonesia – Changpeng Zhao, founder of Binance, is said to have paid bail of US$ 175 million (Rp. 2.7 trillion) after pleading guilty to money laundering charges in the United States.
Court documents cited The Block, stated that the bail was accompanied by a commitment from Zhao to appear in court in Seattle on February 23, 2024.
Zhao, who is also known as CZ, also placed funds worth US$ 15 million in an account belonging to Davis Wright Tremaine as collateral. In addition, Zhao’s bail uses two guarantors, each of whom must provide US$ 250,000 and US$ 100,000.
CZ pleaded guilty to charges of violating the Bank Secrecy Act. He also decided to step down from the CEO position at Binance.
As part of the guilty plea agreement, CZ agreed to pay a fine of US$ 50 million. Meanwhile, Binance had to pay US$ 4.3 billion for violating fund traffic regulations and US government sanctions.
If Zhao does not appear in court by February 2024, he faces up to 10 years in prison and a fine of US$ 250,000. He must be in US territory 14 days before the verdict is announced.
Court documents state that the public prosecutor requested a review of the bail agreement. If the prosecutor’s request is denied, the bail order will become effective November 27, 2023.
If the prosecutor’s review is accepted by the judge, Zhao cannot leave the United States until the time the verdict is read.
[Gambas:Video CNBC]
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