Breaking: Binance Founder CZ Released on $175M Bond, Steps Down as CEO of Binance
Changpeng Zhao (CZ) Agrees to $175 Million Release Bond
Binance founder Changpeng "CZ" Zhao is set to pay a $175 million release bond after pleading guilty to a violation of the Bank Secrecy Act. The bond document filed in a Seattle federal court outlines the conditions, including his agreement to return to the U.S. 14 days before the Feb. 23, 2024, sentencing.
Forfeiture of $15 Million in Trust Account if Bond Conditions Breached
Zhao has posted $15 million in a trust account separate from the bond, which he will forfeit if he fails to adhere to the bond conditions. Two guarantors are listed in the bond arrangement. Zhao has pleaded guilty to a violation of the Bank Secrecy Act, facing a potential 18-month sentence.
Departure as Binance CEO Amid $4.3 Billion Settlement
Following a $4.3 billion settlement between Binance and the U.S., CZ has stepped down as Binance's CEO. He tweeted about stepping down emotionally but acknowledged it was the right decision. Richard Teng, former Global Head of Regional Markets, has been named the new CEO.
Today, I stepped down as CEO of Binance. Admittedly, it was not easy to let go emotionally. But I know it is the right thing to do. I made mistakes, and I must take responsibility. This is best for our community, for Binance, and for myself.
— CZ 🔶 Binance (@cz_binance) November 21, 2023
Binance is no longer a baby. It is…
CZ's Future Plans and Role in Binance
In his statement, CZ announced he would take a break and expressed plans for passive investing in startups related to blockchain, Web3, DeFi, AI, and biotech. He emphasized his role as a shareholder and former CEO, remaining available to consult with the team.