Original | Odaily Planet Daily

Author | Azuma

On Tuesday, November 21, local time in the United States, Binance and its CEO Changpeng Zhao (CZ) admitted guilt to criminal charges of money laundering and violating US sanctions, and reached a settlement with US regulatory agencies. As part of the settlement agreement, Binance agreed to plead guilty and pay over $4 billion in fines.

At the same time, CZ will step down as CEO of Binance, and Richard Teng, the former head of Binance's global regional markets, will take over.

According to Bloomberg, with the settlement agreement, CZ could have faced up to 10 years in prison, but under the latest plea agreement, CZ is expected to be sentenced to no more than 18 months in prison. However, the US Department of Justice has not yet decided how long CZ will be sentenced.

According to a bail document submitted to the federal court in Seattle today, it is expected that CZ's sentencing will be made before February 23, 2024, and CZ will pay a personal bail of $175 million. However, the regulatory authorities did not require CZ to stay in the US before this date. According to some leaked court conversations, CZ intends to temporarily return to the UAE before February next year and then return to the US.

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

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

• Court Docket: CR23-179 RAJ

I (CZ, hereinafter) understand that during the further litigation of this case, I may be released under the following conditions:

1. Appearance. I must appear in the United States Courthouse, 700 Stewart Street, Seattle, Washington, 13106 Courtroom, on Friday, February 23, 2024, at 9:00 AM, and attend all other hearings of this case, including surrendering when necessary to begin serving the sentence. I understand that intentionally failing to appear at the hearing is a separate criminal offense, punishable by up to 10 years in prison and a fine of $250,000.

2. No illegal behavior. During the bail period, I must not commit any federal, state, or local crimes. I understand that if I commit a felony during the bail period, my sentence may be increased by up to ten years. If I commit a misdemeanor during the bail period, my sentence may be increased by up to one year.

3. DNA testing. If authorized by Title 42, Section 14135a of the United States Code to collect DNA samples, I must cooperate.

4. Prohibited use of controlled substances. Unless prescribed by a licensed and qualified physician, I must not use, ingest, or possess any controlled substances, including drugs. If under the supervision of pretrial services, all prescriptions for controlled substances must be approved by a pretrial services officer.

5. Address. I must provide my current address and telephone number to my attorney and/or pretrial services officer (if under supervision). If there are any changes to my address or telephone number, I must report to my attorney and/or pretrial services department (if under supervision) within one working day.

6. Protection of victims and witnesses. I must not harass, threaten, intimidate, tamper with, improperly influence, or harm the person or property of witnesses, jurors, informants, crime victims, judicial officers, or other persons involved in formal court proceedings, thereby violating Title 18, Sections 1503, 1512, and 1513 of the United States Code.

Cash and Equivalents Requirements:

1. Personal bail is $175 million.

2. Must retain $15 million in the DWT trust account.

3. Regarding federal property: There is no need to submit the property as collateral to the court, but the owner must complete and sign a "Forfeiture Agreement" form. The agreement describes the property required by the court through legal or address descriptions. If the defendant violates any conditions of the bail, the court may order the forfeiture of all property or cash submitted as collateral, or the property specified in the agreement.

4. Surety One: $250,000.

5. Surety Two: $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 this order. If the designated district judge refuses to review, this order will take effect at 5:00 PM on Monday, November 27, 2023. If the district judge approves the review before November 27, 2023, the defendant must stay in the United States and await the decision of the district judge.

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