Changpeng Zhao Ordered To Surrender Passport As Sentencing Deadline Approaches

U.S. District Judge Richard A. Jones has adjusted the bond conditions for Changpeng Zhao (CZ), the founder of cryptocurrency exchange Binance, subsequent to his November admission of guilt for breaching U.S. anti-money laundering laws. Zhao now faces a potential sentence of up to 18 months in prison, with the sentencing scheduled for April.

On Lockdown

The recent directive by Judge Jones mandates that Zhao must notify the Court Pretrial Services of any domestic travel and is not allowed to leave the nation before his sentencing. Moreover, Zhao is obliged to relinquish his Canadian passport to a designated third-party custodian, appointed by his legal team. This custodian is also tasked with accompanying Zhao on trips requiring identification.

Zhao must deliver all current or expired passports to his attorneys and is not allowed to procure new passports or travel documents without court authorization. These measures are implemented to ensure Zhao remains under the legal jurisdiction of the United States, given the absence of an extradition agreement with the United Arab Emirates, where Zhao intended to return, and where his family primarily resides.

Deadline Inches Closer

This legal proceeding comes in the wake of actions initiated by several U.S. government agencies against both Binance and Zhao himself. In response to these developments, 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 anticipated to incur a significant penalty. The revised bond conditions reflect the ongoing endeavors to guarantee that Zhao will adhere to U.S. legal proceedings as the sentencing date draws near. The criminal sentencing of the Binance founder was postponed to April 30th, according to a notice by a Seattle federal court.