CZ’s follow-up trends: 175 million US dollars bail, can return to Dubai temporarily, but must go to the United States again next year

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Azuma
3 months ago
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As required, CZ must return to the United States fourteen days before the scheduled sentencing date.

Original - Odaily

Author - Azuma

CZ’s follow-up trends: 175 million US dollars bail, can return to Dubai temporarily, but must go to the United States again next year

On Tuesday, November 21, local time in the United States, Binance and its CEO Changpeng Zhao (CZ) pleaded guilty to criminal charges of anti-money laundering and violating U.S. sanctions and reached a settlement with U.S. regulators. As part of the settlement, Binance agreed to plead guilty and pay a fine of more than $4 billion.

At the same time, CZ issued an open letter stating that he will step down as Binance CEO, and Richard Teng, the former Binance global regional market head, will take over. In the open letter,CZ revealed that he is unlikely to continue to start a business in the future, but plans to transform into an investor and invest in the fields of blockchain, Web3, DeFi, artificial intelligence and biotechnology.

Bloomberg reports that with the settlement agreement, CZ may have faced up to 10 years in prison, but according to the latest plea agreement, CZ is not expected to be sentenced to more than 18 months in prison, but the U.S. Department of Justice has not yet decided on the specifics. How long will CZ be sought to be sentenced to prison.

A bail document filed in federal court in Seattle today shows:The sentencing hearing on CZ will be held on February 23, 2024, and CZ will pay a personal bail of US$175 million, but regulatory aspects do not require CZ to stay in the United States before then.It can be seen from some court conversations that have leaked that CZ intends to return to the United Arab Emirates temporarily (Dubai is CZs permanent residence) before then, and then go to the United States in February next year.

CZ’s follow-up trends: 175 million US dollars bail, can return to Dubai temporarily, but must go to the United States again next year

The full text of the bail document is as follows, compiled by Odaily.

  • United States of America ​​v. CHANGPENG ZHAO:

  • Court No.: CR 23-179 RAJ

I (CZ, the same below) understand that, pending further proceedings in this case, I may be released subject to the conditions noted below:

  1. Appear in court.I must appear in court at the United States Capitol Building (Courtroom 13106), 700 Stewart Street, Seattle, Washington, on Friday, February 23, 2024 at 9:00 AM, and attend all other hearings in the case, including surrendering if necessary to begin serving his sentence. I know,Willfully failing to appear for a hearing is a separate criminal offense punishable by up to 10 years in prison and a $250,000 fine.

  2. No illegal conduct.While on bail, I cannot commit federal, state, or local crimes. I know that if I commit a felony while on release, which could add up to ten years to my sentence. If I commit a crime of negligence while on release, my sentence could be increased by up to one year.

  3. DNA testing. If the collection of a DNA sample is authorized by Title 42, United States Code, Section 14135a, I must cooperate.

  4. Controlled drugs are not allowed. I may not use, take or possess any controlled substance, including pharmaceuticals, unless prescribed by a licensed and qualified physician. If under the supervision of the Pretrial Services Division, all prescriptions for controlled substances must be approved by a Pretrial Services officer.

  5. address. I must provide my attorney and/or pretrial services staff (if supervised by a pretrial services staff) with my current address and phone number. If there are any changes in address or phone number, I must report it to my attorney and/or Pretrial Services (if supervised) within one business day.

  6. Victim and witness protection. I may not harass, threaten, intimidate, tamper with, improperly influence, or injure the person or property of witnesses, jurors, informants, crime victims, judicial officers, or others involved in the formal proceedings of a court, in violation of 18 U.S.C. Volume 1503, 1512 and 1513.

Cash and equivalent requirements:

  1. Personal bail is set at $175 million.

  2. $15 million must be retained in the DWT trust account.

  3. Regarding federal property: Property does not need to be submitted to court as security, but the owner must complete and sign a Property Forfeiture Agreement form. The agreement describes the property requested by the court by a legal description or address. If the defendant breaches any condition of the appearance bond, the court may order the forfeiture of all property or cash tendered as security, or property specified in the agreement.

  4. Guarantor No. 1: $250,000.

  5. Guarantor No. 2: $100,000.

Other special conditions:

  • The defendant must return to the United States fourteen days before the scheduled sentencing date.

  • The United States will seek a review of the order. If the assigned district judge denies review, this order will become effective on Monday, November 27, 2023 at 5:00 p.m.If the district judge approves review before November 27, 2023, the defendant must remain in the United States to await the district judges decision.

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