Zhao Changpeng's $175 million bail awaits court review, sentencing hearing expected to be held in February next year
Binance founder Changpeng Zhao CZ posted bail of up to $175 million, slightly lower than the astronomical bail of SBF previously. It is expected that he will return to the UAE and come back to the US within 14 days before the sentencing hearing in February.
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Zhao Changpeng Released on $175 Million Bail
According to court documents, CZ has completed a series of bail procedures and awaits court review of the bail order:
$175 million in personal surety bail.
Guarantor 1 provides an additional $250,000.
Guarantor 2 provides an additional $100,000.
$15 million deposited with the law firm Davis Wright Tremaine, separate from the bail.
No need to pledge assets, but must sign a confiscation agreement, and any violation of the conditions of the bail bond will result in confiscation by the court.
SBF expected to be released on bail without paying the staggering $250 million
Sentencing Hearing Scheduled for February
The sentencing hearing is set for 9:00 a.m. on February 23, 2024, Pacific Time, at the Western District Court in Washington.
If CZ refuses to appear, it could be considered a criminal offense, punishable by up to 10 years in prison and a $250,000 fine.
Previous reports indicated that Zhao Changpeng could face a maximum of 10 years in prison:
Binance Founder Zhao Changpeng Agrees to Resign, Pleads Guilty, Binance Fined $4.3 Billion
CZ Released, Must Return to the U.S. 14 Days Before Trial
CZ must stay in Seattle until the judge reviews the bail order by November 27, assuming the judge does not intend to conduct a rehearing. During this period, Department of Justice attorneys, Binance attorneys, and the judge will resolve any related disputes.
CZ will be allowed to leave the U.S., but must return 14 days before the trial.
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