CZ Released on Bail, Faces Up to 10 Years in Prison
Changpeng Zhao (CZ) pleaded guilty to violating the Bank Secrecy Act and agreed to pay a $50 million fine. Despite this, he has been released on bail for $175 million.
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Changpeng Zhao (CZ) pleaded guilty to violating the Bank Secrecy Act and
agreed to pay a $50 million fine. Despite this, he has been released on
bail for $175 million.
In
addition to the bail, CZ is mandated to deposit $15 million in a
special trust account, with the risk of forfeiture if he breaches the
release terms. Additionally, his two guarantors shall pledge $250,000
and $100,000 respectively.
While
CZ's release conditions suggest the possibility of international
travel, he is obligated to return two weeks before his sentencing.
Failure to appear in court in February 2024 could result in a potential
prison sentence of up to 10 years.
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