Binance Former CEO Agrees to Pay $175M Bond to Be Released

Changpeng Zhao, who has stepped down as CEO of Binance, has agreed to pay a $175 million personal recognizance bond after pleading guilty to criminal charges in the US.

According to a court filing, Zhao is required to put in $175 million for bail and appear in court in Seattle on February 23, 2022 for sentencing hearings.

An additional $15 million held in a Davis Wright Tremaine trust account will also be used for the bond. Two guarantors are required, one pledging $250,000 and the other pledging $100,000.

Zhao’s guilty plea was in violation of the Bank Secrecy Act and his resignation as Binance CEO was announced earlier today.

As part of the plea deal, Zhao will also pay a $50 million fine, while Binance will pay a $4.3 billion fine for violating money transmission laws and US sanctions.