Binance Founder Changpeng ‘CZ’ Zhao Released on $175M Bond, Will Be Sentenced in February
Binance founder and former CEO Changpeng “CZ” Zhao has been released from custody on a $175 million personal recognizance bond.
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changpeng Zhao
Binance founder and former CEO Changpeng “CZ” Zhao has been released from custody on a $175 million personal recognizance bond.
Crypto exchange Binance will leave the U.S., pay billions in fines and appoint a monitor for five years to settle charges with the Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Asset Control (OFAC), the U.S. Treasury Department’s money laundering and sanctions watchdogs, according to press releases shared Tuesday.
Changpeng Zhao’s wealth dropped to $17.2 billion from a previous estimate of $29.1 billion.
Changpeng Zhao ,CEO of Binance, at Consensus Singapore 2018 (CoinDesk)
Binance has stopped offering certain benefits to its employees on June 19 as the company’s profits continue to decline, according to former employees and internal company messages viewed by the Wall Street Journal.
Binance General Counsel Han Ng, Chief Strategy Officer Patrick Hillmann, and Senior Vice President for Compliance Steven Christie are among those that left the company, reportedly over its handling of DOJ investigations.
The SEC’s “pre-crime” litigation strategy seemed to annoy Judge Amy Jackson.