A US district court has changed the bail conditions for Changpeng Zhao (CZ), founder of cryptocurrency platform Binance, requiring him to surrender his Canadian passport, which the WSJ reports is in line with Justice Department requirements.
Judge Richard A. Jones had previously barred the entrepreneur from leaving the #US until the case was resolved; in November 2023, Zhao pleaded guilty to violating the Bank Secrecy Act and accepted the penalty. Mr. Zhao was subsequently released on $175 million bail.
CZ is now ordered to surrender all valid and expired passports and deposit them with a person appointed by his defense attorneys. This designated person will accompany the former Binance executive on trips that require the presentation of a passport.
In addition, Changpeng Zhao is prohibited from obtaining a new passport without court approval and must report his movements to the relevant authorities.
According to the latest update, Changpeng Zhao's sentencing has been postponed to April 30, 2024. The trial was originally scheduled for the previous month but was postponed for undisclosed reasons. Zhao's legal representative declined to comment.
The businessman faces an 18-month prison sentence. According to John Reed Stark, a former employee of the US Securities and Exchange #Commission, the DOJ is likely to push for a harsher punishment.
It should be noted that Changpeng Zhao had previously tried to leave the US using his #Binance.US shares as collateral.
