Bail for Alexander Mashinsky, founder and former chief executive of bankrupt crypto lender Celsius, has been set at $40 million by a U.S. District Judge after he was arrested Thursday on charges of fraud.

Mashinsky pleaded not guilty to seven counts, relating to misleading investors and manipulating the price of his CEL token after being arrested on Thursday, the court document said.

Mashinsky will be restricted from traveling and cannot open new bank or crypto accounts under the deal. His wife will sign the bond, while the other co-signee has not yet been identified, court documents revealed. The bond will also be secured by a financial claim on his New York City home and bank account.

The coordinated action against Mashinsky and other executives was announced by the Department of Justice, Federal Trade Commission and federal securities and commodities regulators on Thursday.

Lawyers for Mashinsky told CoinDesk via email that he “vehemently denies the allegations brought” and that “he looks forward to vigorously defending himself in court against these baseless charges.”

Read more: Celsius Network’s Alex Mashinsky Is Arrested as SEC, CFTC, FTC Sue Bankrupt Crypto Lender