Changpeng Zhao Directed to Surrender Passport as Sentencing Deadline Nears
U.S. District Judge Richard A. Jones has revised the bond conditions for Changpeng Zhao (CZ), the founder of cryptocurrency exchange Binance, following his admission of violating U.S. anti-money laundering laws in November. Zhao now potentially faces up to 18 months in prison, with his sentencing scheduled for April.
Under Judge Jones’ recent order, Zhao must inform the Court Pretrial Services of any domestic travel plans and is prohibited from leaving the country before his sentencing. Additionally, he is required to surrender his Canadian passport to a designated third-party custodian chosen by his legal team, who will accompany him on trips requiring identification.
All current and expired passports must be handed over to Zhao’s attorneys, and he is barred from obtaining new passports or travel documents without court approval. These measures aim to ensure Zhao’s continued presence within the legal jurisdiction of the United States, especially considering the lack of an extradition agreement with the United Arab Emirates, where Zhao intended to return, and where his family resides.
This development follows legal actions initiated by various U.S. government agencies against Binance and Zhao himself. In response, Zhao reached a plea agreement with the United States Department of Justice and stepped down as CEO of Binance.
As part of the settlement, Binance is expected to face substantial penalties. The updated bond conditions underscore the ongoing efforts to ensure Zhao’s compliance with U.S. legal proceedings as his sentencing date approaches. The criminal sentencing for the Binance founder has been postponed to April 30th, according to a notice issued by a Seattle federal court.
