Binance Founder Changpeng ‘CZ’ Zhao Released on $175M Bond, Will Be Sentenced in February

Zhao resigned from Binance, the exchange he founded in 2017, as part of the company’s settlement with the U.S. Department of Justice on Tuesday. Binance will pay $4.3 billion in penalties to various federal agencies and allow multiple monitors to oversee its operations through the next five years. Alongside the DOJ, Binance settled charges with the Financial Crimes Enforcement Network (FinCEN), Office of Foreign Asset Control (OFAC) and Commodity Futures Trading Commission – respectively, the U.S.’s money laundering watchdog, sanctions watchdog and federal commodities regulator.

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