The court released Binance founder Changpeng Zhao (CZ) from custody on a $175 million bond, according to CoinDesk citing court documents.
Sentencing is scheduled for 23 February 2024.
In addition to the bond, Zhao must place $15 million into a trust account with the law firm Davis Wright Tremaine — to be forfeited if he breaches the release conditions. He will also need two sureties posting $250,000 and $100,000 respectively.
The conditions permit CZ to leave the United States, but he must return to the country 14 days before sentencing. Prosecutors intend to appeal the decision.
Earlier Zhao admitted to violating the Bank Secrecy Act as charged by the U.S. Department of Justice and agreed to step down as Binance CEO.
As part of the settlement, the exchange will undertake the ‘full exit’ from the United States, and pay $3.4 billion to FinCEN and $968 million to OFAC. CZ must personally pay a $50 million penalty.
“This is one of the largest penalties we have ever obtained from a corporate defendant in a criminal case,” said Attorney General Merrick Garland.
Binance’s new CEO will become Richard Teng, head of regional markets.
In the past 24 hours, BNB quotes fell 9.2% to $235. The asset’s market capitalization declined from $40 billion to $36 billion, according to CoinGecko.
According to DeFi Llama, the total value locked on Binance decreased by $943 million in the last 24 hours.
Earlier on June 5, the U.S. Securities and Exchange Commission filed suit against Binance and Zhao, bringing 13 counts, including the sale of unregistered securities. On June 6, the regulator filed a motion to freeze the exchange’s U.S. digital assets.
On June 9, users lost the ability to deposit dollars, triggering selling pressure from those seeking to withdraw funds in fiat. Accordingly, on the platform, BTC/USD quotes showed a discount — the price gap reached about $2,200 (7.3%).
On June 17, the SEC and Binance reached an agreement on customer funds in the United States. The exchange resumed asset withdrawals, but the company warned that the situation could change.