TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

CZ released from custody on $175 million bond after capitulation to DoJ charges, faces 18 months jail term

CZ released from custody on $175 million bond after capitulation to DoJ charges, faces 18 months jail term
Lockridge OkothLockridge OkothFXStreet

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:

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

Author

Lockridge Okoth

Lockridge is a believer in the transformative power of crypto and the blockchain industry.

More from Lockridge Okoth
Share:

Editor's Picks

Ripple eyes $1.50 breakout despite softening on-chain activity

Ripple eyes $1.50 breakout despite softening on-chain activity

XRP remains elevated near $1.45 after a sharp spike from the weekly low of $1.31. XRP retains a neutral-to-bullish technical outlook, supported by the RSI and uptrending moving averages.

Zcash Price Forecast: Rally hits nine-year high above $1,000 amid growing shielded demand

Zcash Price Forecast: Rally hits nine-year high above $1,000 amid growing shielded demand

Zcash trades above $1,000 on Friday, building on its 16% gain from the previous day. On-chain data show a steady increase in shielded supply to 4.86 million ZEC tokens, pointing to growing demand for privacy.

Crypto’s $638 million buyback boom may not be as bullish as it looks

Crypto’s $638 million buyback boom may not be as bullish as it looks

Decentralized Finance (DeFi) protocols reportedly spent $638 million to buy back their native tokens in August, up 17% from a year earlier. On the surface, the buyback trend suggests the cryptocurrency industry is maturing fast.

Crypto Today: Bitcoin, Ethereum, XRP recovery takes a breather amid capital inflows

Crypto Today: Bitcoin, Ethereum, XRP recovery takes a breather amid capital inflows

Bitcoin corrects lower toward $80,000 after testing highs at $81,269, supported by $731 million in ETF inflows. Ethereum bulls push to regain momentum, with $2,500 providing immediate support.

Bitcoin: Gearing up for a sharp move

Bitcoin: Gearing up for a sharp move

Bitcoin (BTC) is trading around $81,000 on Friday, up over 4% so far this week, and awaits a key catalyst that could determine its next directional move. Strong institutional demand is supporting the bullish price action, with spot BTC Exchange Traded Funds (ETFs) on track to record a third straight week of inflows.