Binance founder Changpeng “CZ” Zhao has submitted a $175 million bond with the condition that he will return to the United States two weeks prior to his scheduled sentencing on February 23, 2024. This move opens up the possibility of his return to Dubai.
According to a bond document filed in a Seattle federal court on November 21, Zhao has committed to disclosing his intended residence and acknowledges that a warrant may be issued for his arrest if he fails to appear for his court hearing. Non-compliance with the court appearance carries a penalty of a $250,000 fine and a maximum sentence of 10 years in jail.
related: BREAKING: Binance CEO CZ to Step Down and Plead Guilty in Anti-Money Laundering Case
As part of the bond agreement, Zhao has deposited $15 million into a separate trust account, which will be forfeited if he violates the bond conditions. The document also identifies two guarantors who will respectively post $250,000 and $100,000.
Zhao, who has pleaded guilty to a violation of the Bank Secrecy Act, is facing an 18-month sentence. However, there are reports that prosecutors are considering a longer sentence. The bail order for Zhao is expected to undergo review by U.S. authorities.
If the review is denied, the order will take effect on November 27 at 5 pm Washington time. In the event of a review being granted before that date, Zhao will be required to remain in the U.S. until a decision is reached.
Despite Zhao’s residency in Dubai and the absence of an extradition agreement between the U.S. and the United Arab Emirates, a bilateral agreement on law enforcement cooperation was established between the two countries on February 24.
These recent developments in Zhao’s legal situation follow a $4.3 billion settlement between Binance and U.S. authorities, which resulted in Zhao stepping down as CEO and paying a $50 million fine.