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Changpeng Zhao required to surrender passport as sentencing nears

Changpeng Zhao required to surrender passport as sentencing nears

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TL;DR

  • Changpeng Zhao, founder of Binance, must adhere to stricter bond conditions, including travel notifications within the U.S. and passport surrender.
  • Zhao faces up to 18 months in prison after pleading guilty to violating anti-money laundering laws, with sentencing scheduled for April.
  • The revised bond measures aim to ensure Zhao’s presence in the U.S., amidst concerns over potential flight risks.

U.S. District Judge Richard A. Jones has updated the bond conditions for Changpeng Zhao, the founder of cryptocurrency exchange Binance, also known by his initials CZ. Following his November guilty plea for violating U.S. anti-money laundering laws, Zhao now faces up to 18 months in prison, with sentencing set for April.

Judge Jones’ recent order specifies that Zhao must inform the court’s Pretrial Services of any travel within the United States and is restricted from leaving the country prior to his sentencing. Additionally, Zhao is required to surrender his Canadian passport to a third-party custodian, a role assigned to an individual employed by his legal team. This custodian will also need to accompany Zhao on any travels necessitating identification.

Zhao must hand over all current or expired passports to his lawyers and is barred from obtaining new passports or travel documents without court approval. These measures have been put in place to ensure Zhao remains within the legal jurisdiction of the United States, considering the absence of an extradition treaty with the United Arab Emirates, where Zhao wanted to return, and where his family primarily resides.

This case follows actions taken by multiple U.S. government agencies against Binance and Zhao. In response to these developments, Zhao agreed to a plea deal with the Department of Justice and resigned as CEO of Binance. As part of the settlement, Binance is also expected to pay a substantial fine. The updated bond conditions reflect ongoing efforts to ensure Zhao’s compliance with U.S. legal proceedings as the sentencing date approaches.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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