How much was Chang Peng Zhao fined? According to the latest news obtained, the US Department of Justice will sentence Binance to a fine of 4.3 million dollars. Additionally, Zhao will likely not go to jail as part of the deal.
The Wall Street Journal claims that Binance’s agreement with the US Department of Justice will not affect the exchange’s legal case with the US Securities and Exchange Commission (SEC). In June, the US Securities and Exchange Commission filed a complaint against Binance and its CEO for allegedly violating securities laws and putting investors’ assets at risk.
However, the settlement with the Justice Department will resolve the Commodity Futures Trading Commission (CFTC) complaint against Binance. Apparently, part of this $4.3 billion fine is to be paid to the Commodity Futures Trading Commission.
Status of CZ until trial
Chang Peng Zhao will not go to jail for the time being by posting personal bail of 175 million dollars, and he can leave the United States until the court day.
According to CoinDesk and according to the court filing, Zhao will transfer $15 million to the trust of the law firm Davis Wright Tremaine and has agreed to seize the funds if he violates the terms of his release. In addition, Zhao must find two sureties who will pledge $250,000 and $100,000 respectively for his release. The sentencing hearing for Zhao will be held on February 23, 2024 (March 4).
It seems that according to the current agreement, the former CEO of Binance can leave the United States and return to this country 14 days before the ruling. However, federal prosecutors indicated at yesterday’s hearing that they plan to appeal the case to a more senior judge.
Zhao has also agreed to remain in the Seattle area until Monday, Nov. 27, so that Justice Department attorneys and his legal team can resolve disputes with the judge in the case.
By pleading guilty, Judge Brian Tsuchida noted yesterday that Zhao had waived his right to appeal any sentence in the next 18 months. According to another case, the US Department of Justice and Zhao have agreed to pay a fine of 50 million dollars. However, no specific prison term has been set.
