$175 Million Bond Guarantee, Can CZ Return To Dubai?

<p>&nbsp;"There are many problems, but CZ just goes with the flow, right?"</p><p><br /></p><p>Changpeng Zhao (CZ), the founder of the giant cryptocurrency exchange Binance who will pay a release bond of $175 million has agreed to return to the United States (US) 14 days before his sentencing on February 23, 2023 following which he may be allowed to return to Dubai.</p><p><br /></p><p>In a November 21, 2023 bond document filed in Seattle federal court, CZ not only agreed to share with the court where he will live but that a warrant for his arrest could be issued if he fails to show up for his court date.</p><p><br /></p><p>Failure to appear in court carries a $250,000 fine and a maximum of 10 years in prison.</p><p><br /></p><p><br /></p><p>It is true that CZ recorded $15 million in a trust account separate from his bond, but he agreed to forfeit it if he failed to comply with the terms of the bond.</p><p><br /></p><p><br /></p><p><br /></p><p>CZ pleaded guilty to violating the Bank Secrecy Act which carries an 18-month sentence, however The New York Times reported on November 21, 2023 that prosecutors wanted to give him a longer sentence.</p><p><br /></p><p>Following CZ's stay in Dubai for several years, the US and the United Arab Emirates (UAE) will sign a bilateral agreement to increase law enforcement cooperation on February 24, 2024.</p><p><br /></p><p>CZ's bond arrangement followed a $4.3 billion settlement between the crypto exchange and the US, after which he also resigned as Binance's Chief Executive Officer (CEO) including paying a $50 million fine.</p>