CZ released on $175M bond, could return to Dubai

Regulation

Binance founder Changpeng “CZ” Zhao will pay a $175 million release bond and agree to return to the United States 14 days before his Feb. 23, 2024 sentencing — possibly allowing him to return to Dubai.

In a Nov. 21 bond document filed in a Seattle federal court, Zhao agreed to share with the court where he would reside and that a warrant could be issued for his arrest if he fails to show up for his court date.

Failure to appear in court carries a $250,000 fine and a maximum of 10 years in jail.

Conditons of Zhao’s bond. Source: PACER

The U.S. is expected to review Zhao’s bail order. If a judge denies review of the order, it will become effective on Nov. 27 at 5 pm Washington time. If the judge grants a review before that date, Zhao must stay in the U.S. until a decision is made.

No extradition agreement exists between the U.S. and the United Arab Emirates. However, the two countries made a bilateral agreement to enhance law enforcement cooperation on Feb. 24.

Related: Court unseals indictments against Binance and CZ, detailing expected guilty pleas

Zhao has been based in Dubai for several years. Despite his presence there, Binance still has no official global headquarters.

The bail agreement follows a $4.3 billion settlement between the cryptocurrency exchange and the U.S which saw Zhao depart as Binance’s CEO after pleading guilty to various Anti-Money Laundering violations.

Magazine: US enforcement agencies are turning up the heat on crypto-related crime

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