Former Binance CEO Changpeng Zhao Forced To Surrender Passport to US Authorities Before Pretrial
A U.S. district court judge ordered former Binance CEO Changpeng Zhao to hand over his passports and travel documents as he awaits his sentencing in April.
In November, Zhao pleaded guilty to violating anti-money laundering laws and stepped down from his role as chief executive of the world’s largest crypto exchange.
Zhao has been free on a $175 million bond, but US prosecutors filed a motion last month proposing new conditions.
In a new order modifying the bond, Judge Richard Jones says Zhao has to surrender his Canadian passport to a third-party custodian employed and supervised by his counsel of record.
“The third-party custodian must retain control over that Canadian passport and must accompany Defendant on any travel that requires identification documents.”
Zhao also has to submit all his current and expired passports and travel documents to his counsel of record, who may only return the documents when authorized by the pretrial services or the court.
“Defendant may not apply for or obtain a new passport or travel document from any country without the Court’s permission.”
In a court filing submitted in November, prosecutors cite the reasons why they consider Zhao a flight risk.
“As a non-US but UAE (United Arab Emirates) citizen with substantial wealth outside the United States, minimal ties to the United States, and a residence in a country without an extradition treaty with the United States, Zhao poses a serious risk of flight and [it is] requested that he be required to remain in the continental United States pending sentencing.”
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The post Former Binance CEO Changpeng Zhao Forced To Surrender Passport to US Authorities Before Pretrial appeared first on The Daily Hodl.
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Author: Rhodilee Jean Dolor
