- Changpeng Zhao, who stepped down as CEO of Binance, paid a personal bail of $175 million after admitting guilt to charges in the United States.
- Today, Zhao resigned as CEO of Binance, the world’s largest cryptocurrency exchange, after admitting guilt to violating the Bank Secrecy Act in the U.S.
- According to court documents, if the U.S. requests a review of the bail decision and a district judge denies the review, the decision will take effect on November 27.
Changpeng Zhao, who resigned from the position of CEO of Binance, was released on bail: When will the trial take place?
Changpeng Zhao Released on Bail
Changpeng Zhao, who resigned as CEO of Binance, the world’s largest cryptocurrency exchange, paid a personal bail of $175 million after admitting guilt to charges in the United States. According to court documents, Zhao must pay $175 million for bail and reach an agreement to appear in court in Seattle on February 23 of the next year.
Zhao is also placing $15 million in a Davis Wright Tremaine trust account. Two guarantors are required for bail, and they must commit $250,000 and $100,000, respectively. Today, Zhao resigned as CEO of Binance, the world’s largest cryptocurrency exchange, after admitting guilt to violating the Bank Secrecy Act in the U.S.
As part of the agreement, Zhao accepted a $50 million fine, and Binance will pay a $4.3 billion fine for violating money transmission laws and U.S. sanctions. If Zhao does not appear in court on the specified date of February 2024, he may face up to 10 years in prison and a $250,000 fine. Zhao must return to the U.S. 14 days before the scheduled trial date.
According to the documents, if the U.S. requests a review of the bail decision and a district judge denies the review, the decision will take effect on November 27. If the judge accepts the review by November 27, Zhao must stay in the U.S. while awaiting the judge’s decision.
Richard Teng became the new CEO
Richard Teng, a Singaporean industry veteran who was transferred to strengthen Binance’s global compliance efforts in 2021, has taken over as the CEO of the world’s largest cryptocurrency exchange from Changpeng Zhao today.
Teng initially joined Binance as the CEO of Binance Singapore and was appointed as the regional markets president only in May of this year. In a statement released by Binance, it is mentioned that Teng has overseen all regions outside the U.S., starting with roles overseeing the MENA region.
Before joining Binance, Teng served as the CEO of the Financial Services Regulatory Authority in Abu Dhabi’s Global Market. He also served as the Chief Regulatory Officer at SGX, overseeing the regulatory division responsible for policies related to listing, trading, and clearing activities.
