The former CEO of Binance, Changpeng Zhao (CZ), is under house arrest in the United States, and a federal judge has set his bail at $175 million. This decision comes after Binance was fined $4.3 billion for violating anti-money laundering and sanctions laws. Zhao has admitted to these violations, leading to his resignation from the position of CEO of the world’s largest cryptocurrency exchange.
The legal action against Binance and Zhao is part of a broader crackdown on cryptocurrency exchanges that fail to comply with international regulations. The sentencing for Zhao is scheduled for February 23, and the outcome could have significant implications for the cryptocurrency industry, which is facing increased regulatory scrutiny. The developments will be closely monitored by the crypto community and regulatory authorities.