Binance founder released on $175 million bond

Asian Tech Press (Nov 22) -- Binance founder and former CEO Changpeng Zhao has been released from custody after paying a $175 million bond pending further proceedings in a money laundering case.

As part of the bail conditions, Zhao must return to the United States 14 days before the scheduled hearing on February 23, 2024.

Crypto media outlet Cointelegraph, which first spotted the bail document, said the former Binance CEO could return to Dubai while on bail.

Binance, one of the world's largest cryptocurrency exchanges, pleaded guilty on Tuesday to engaging in anti-money laundering, unlicensed money transmitting and sanctions violations, and agreed to pay more than $4 billion to reach a settlement with the U.S. Department of Justice.

At the same time, Zhao admitted to violating U.S. anti-money laundering requirements and resigned as CEO of Binance.

Binance said on Tuesday that Richard Teng, the global head of regional markets at Binance, will replace Zhao as CEO.

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