A U.S. district judge has set the bail for Alexander Mashinsky at $40 million after his arrest on fraud charges. He was arrested last Thursday.

After being arrested Thursday, Mashinsky entered a not guilty plea to seven counts relating to misleading investors, and manipulating prices of his CEL token, according to the court documents.

Mashinsky is not allowed to travel and can’t open any new crypto or bank accounts. Court documents reveal that his wife will be signing the bond while the other signatory has yet to be identified. A financial claim will be made on his New York City bank account and home.

On Thursday, the Department of Justice announced that it was coordinating its actions against Mashinsky and his colleagues with the Federal Trade Commission, and federal securities regulators.

Lawyers for Mashinsky sent an email to CoinDesk stating that Mashinsky “vehemently denied the allegations made” and “he is looking forward to vigorously defend himself in court against this baseless charge.”

Read more: Alex Mashinsky, CEO of Celsius Network, is arrested as SEC, CFTC and FTC sue a bankrupt crypto lender

Parikshit Miishra is the editor.