TRENDING:
Canadian Unemployment
EUR/USD
GBP/USD
XAU/USD
Trade War
USD/CAD
AUD/USD
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:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Pi Network Price Forecast: Bearish streak nears critical support trendline

Pi Network Price Forecast: Bearish streak nears critical support trendline

Pi Network (PI) edges lower on Friday for the third consecutive day, approaching a local support trendline. The on-chain data suggests an increase in supply pressure as Centralized Exchanges (CEXs) experience a surge in inflows.

Top Crypto Gainers: Zcash rallies as MYX Finance, Dash test critical EMA levels

Top Crypto Gainers: Zcash rallies as MYX Finance, Dash test critical EMA levels

Zcash , MYX Finance, and Dash are the top-performing assets in the top 100 cryptocurrency list over the last 24 hours. The privacy coin leads the rally while MYX and DASH struggle to clear their 100-day Exponential Moving Averages (EMA).

XRP slides amid record on-chain activity, mixed technical signals

XRP slides amid record on-chain activity, mixed technical signals

Ripple is trading under pressure at the time of writing on Thursday, after bulls failed to break the short-term resistance at $2.22. The reversal may extend toward Monday’s low of $1.98, especially if risk-off sentiment persists in the broader cryptocurrency market.

Aster lags recovery as perpetual DEX releases new roadmap on infrastructure, utility and ecosystem 

Aster lags recovery as perpetual DEX releases new roadmap on infrastructure, utility and ecosystem 

Aster is consolidating above $1.05 at the time of writing on Thursday, reflecting lethargic sentiment in the broader cryptocurrency market. The token native to the perpetual DEX had recovered from Monday's low of $0.88 but stalled around $1.08 on Wednesday.

Orange Juice Newsletter – Smart insights by real people. Every day.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: BTC steadies as data suggests local bottom

Bitcoin: BTC steadies as data suggests local bottom

Bitcoin (BTC) hovers around $91,000 at the time of writing on Friday, extending its recovery by 5% so far this week. On the institutional front, a modest outflow from US-listed spot Bitcoin Exchange Traded Funds (ETFs) marks a slowdown from previous weeks and signals a reduction in selling pressure, further supporting BTC’s recovery.