Binance CEO Ordered to Surrender Passports Amid Legal Battle
A recent ruling by a U.S. district court judge has mandated that Changpeng Zhao, the former CEO of Binance, surrender his passports and travel documents as he awaits sentencing in April.
Last November, Zhao admitted to breaching anti-money laundering regulations and resigned from his position as head of the world’s largest cryptocurrency exchange.
Despite being released on a $175 million bond, U.S. prosecutors sought additional conditions in a motion filed recently.
Under the modified bond terms, Judge Richard Jones stipulates that Zhao must relinquish his Canadian passport to a third-party custodian designated by his legal representation. This custodian will retain control over the passport and must accompany Zhao on any trips requiring identification.
Additionally, Zhao must hand over all current and expired passports and travel papers to his legal counsel, who can only return them with authorization from pretrial services or the court.
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Furthermore, Zhao is prohibited from applying for or acquiring new passports or travel documents without explicit permission from the court.
In a filing submitted last November, prosecutors outlined their concerns regarding Zhao’s potential flight risk, citing his status as a non-U.S. citizen with substantial wealth abroad, limited ties to the U.S., and residency in a country without an extradition agreement. They urged that Zhao be required to remain within the continental United States until his sentencing.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
