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Breaking: Binance Founder CZ Released on $175M Bond, Steps Down as CEO of Binance

Binance founder Changpeng "CZ" Zhao secures release on a $175 million bond after pleading guilty to a violation of the Bank Secrecy Act. He steps down as Binance CEO amid a $4.3 billion settlement, with former Global Head Richard Teng taking over leadership.

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.

Source: PACER

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.

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.