"There are many problems, but CZ just goes with the flow, right?"
Changpeng Zhao (CZ), the founder of the giant cryptocurrency exchange Binance who will pay a release bond of $175 million has agreed to return to the United States (US) 14 days before his sentencing on February 23, 2023 following which he may be allowed to return to Dubai.
In a November 21, 2023 bond document filed in Seattle federal court, CZ not only agreed to share with the court where he will live but that a warrant for his arrest could be issued 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 prison.
It is true that CZ recorded $15 million in a trust account separate from his bond, but he agreed to forfeit it if he failed to comply with the terms of the bond.
CZ pleaded guilty to violating the Bank Secrecy Act which carries an 18-month sentence, however The New York Times reported on November 21, 2023 that prosecutors wanted to give him a longer sentence.
Following CZ's stay in Dubai for several years, the US and the United Arab Emirates (UAE) will sign a bilateral agreement to increase law enforcement cooperation on February 24, 2024.
CZ's bond arrangement followed a $4.3 billion settlement between the crypto exchange and the US, after which he also resigned as Binance's Chief Executive Officer (CEO) including paying a $50 million fine.
