CZ was released on $175M bond and may return to Dubai.
Binance founder Changpeng “CZ” Zhao will pay a $175 million release bond and agree to return to the United States 14 days before his February 23, 2024 sentencing — possibly allowing him to return to Dubai.
In a bond document filed Nov. 21 in federal court in Seattle, Zhao agreed to share his residence with the court and a warrant could be issued for his arrest if he fails to appear for court dates.
Failure to appear in court carries a $250,000 fine and a maximum sentence of 10 years in prison.
The US is expected to review Zao's bail order. If a judge refuses to review the order, it will take effect on November 27 at 5 p.m. Washington time. If the judge issues a review before that date, Zhao must remain in the U.S. until a decision is made.
There is no extradition treaty between the United States and the United Arab Emirates. However, the two countries signed a bilateral agreement on February 24, 2010 to increase law enforcement cooperation.
Related: Court Unveils Charges Against Binance and CZ, Details Expected Convictions
Zhao has been in Dubai for several years. Despite being there, Binance still does not have an official global headquarters.
The bail deal follows a $4.3 billion settlement between the cryptocurrency exchange and the U.S. when Zhao left as Binance's CEO after pleading guilty to multiple anti-money laundering charges.
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