Changpeng Zhao, the former CEO of Binance, has been released from custody pending “further proceedings” in a case involving money laundering violations.
He has agreed to a $175 million bail bond as a part of his conditions for release. He must return to the United States fourteen days before the scheduled sentencing date. The bond document was first noted on Cointelegraph. The publication said the former Binance CEO could return to Dubai.
It should be noted that Zhao pled guilty to the money laundering violations on Tuesday. Binance has agreed to pay a financial penalty amounting to $4.3 billion.
Richard Teng has been named as the new Binance CEO. He was previously the company’s head of regional markets.
Major cryptocurrencies were seen in the red at the time of publishing, in reaction to the Binance developments. Both Bitcoin BTC/USD and Ethereum ETH/USD were down 3.7% at $36,142.55 and $1,953.96 respectively.
Photo Courtesy: Wikimedia Commons
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