CZ’s sentencing hearing will be held on February 24 next year, Beijing time

Binance founder and former CEO CZ has been released on a $175 million personal guarantee. The sentencing hearing is scheduled to be held at 9:00 on February 23, 2024, Pacific Time (1:00 on February 24, Beijing time). According to court documents, he will deposit $15 million in a DWT trust account and agree to give up the funds if he violates bail conditions. He also found two guarantors who promised to provide guarantees of US$250,000 and US$100,000 respectively. The terms of CZ's release prohibit him from breaking the law, flirting with witnesses or victims or taking any over-the-counter controlled substances, which are normal provisions of bail. CZ was allowed to leave the United States and said he must return 14 days before sentencing. (CoinDesk) According to previous news, BitMEX Research posted on the X platform that the court ruled that CZ will be allowed to live in the United Arab Emirates while waiting for the verdict. CZ must return to the United States 14 days before sentencing. Additionally, WhaleWire reported that CZ was released on a personal bail of $175 million, one of the largest bails in history. According to Bloomberg, CZ could have faced up to 10 years in prison, but under the plea agreement, he is not expected to be sentenced to more than 18 months in prison. The U.S. Department of Justice has not decided how long they will seek to sentence him.