Binance CEO Changpeng Zhao (CZ) has been released from custody after pleading guilty to charges levied by the US Department of Justice (DoJ).
Based on the report, CZ has hard to part with up to $175 million in bail money for his release.
Cz released on bail
The renowned crypto executive faces up to 18 months in prison as part of his plea deal with the US Government. The sentence is likely to be a lot less than what Sam Bankman-Fried (SBF) will get for his crimes between FTX and Alameda Research.
Notably, the fact that CZ gets 18 months in the presence of a deal goes a long way in showing how much worse it could have been for the crypto billionaire had he not agreed to the DoJ's terms.
It also points to the extremes that the government is willing to go to ensure continued compliance. According to reports, "CZ was facing down 10 years in prison, and is only getting off lightly by agreeing to all the other terms."
CZ could have gotten up to 10 years save for the deal
CZ and Binance were charged with one of the largest criminal penalties in US history. However, some believe the accused could pay the $4.3 billion fine without any crypto asset sales.
Read developments around CZ capitulation to the US DoJ here:
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Binance settles with US DoJ as markets anticipate official announcement, CZ steps down as CEO
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Binance Coin price crashes by more than 8% in an hour as Binance CEO CZ resigns
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Changpeng Zao confirms resignation, introduces Richard Teng as new CEO of Binance exchange
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With Binance market dominance under threat, experts say path for spot Bitcoin ETF is now clear
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US DOJ claims Binance churned $1.6 billion worth of profits via illegal transactions
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Ripple executive says US DoJ decision is “necessary” to bring crypto into compliance
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Coinbase exchange becomes clear frontrunner as Binance and CEO capitulate to US SEC
At the time of writing, Binance Coin (BNB) is trading for $227.2, after a hard crash, and trying to recover on the back of news that CZ has secured bail.
BNB/USDT 1-day chart
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