U.S. District Judge Richard A. Jones has imposed restrictions on Changpeng Zhao, the founder of Binance. As a result of Zhao’s guilty plea in November for money laundering, he now faces the possible penalty of imprisonment for 18 months, with the sentencing in April.
The current judge’s instruction in this case orders Zhao to notify the probation officer about his travel plans within the USA. Also, it restricts him from leaving the United States before his sentencing.
Additionally, Zhao must surrender his Canadian passport to a third-party custodian, an individual employed by his legal team. This custodian must accompany Zhao on any trips requiring identification.
Zhao must give his passports, whether active or expired, to his lawyers. He can’t get new passports or travel papers without court permission. These measures aim 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 had intended to return, and where his family primarily resides.
The case against Zhao and Binance involves actions taken by multiple U.S. government agencies. In response, 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 by U.S. authorities to ensure Zhao’s compliance with legal proceedings as his sentencing date approaches. The case has drawn considerable attention in the crypto sector, indicating growing regulatory oversight on the digital exchanges.
Also Read: Binance Ex-CEO CZ’s Sentencing Delayed to April
