Binance’s Former CEO Changpeng Zhao Ordered to Surrender Passport in Updated Bail Terms

Binance Changpeng Zhao

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated: 

March 12, 2024

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Ex-Binance CEO Changpeng Zhao was instructed to give up his Canadian passport as part of a revised bail agreement, court documents filed Monday showed.

US District Judge Richard Jones stated in the filing that a third-party custodian must keep Zhao’s passport and accompany him on any trips requiring identification documents. Zhao is also required to stay within the continental US until sentencing. If he plans to travel anywhere within the country, he must inform pretrial services.

Further, he must hand over all current and expired passports and travel documents to his counsel. These documents can only be returned with permission from pretrial services or the court.

Additionally, he can’t apply for a new passport or travel document from any country without court approval.

CZ Faces Multiple Hurdles in Traveling Abroad

The order follows a request from the US State Attorney’s Office last month for additional travel restrictions on Zhao. CZ’s legal team objected, expressing their intention to consider alternative options that would permit him to travel abroad.

Zhao has citizenship in Canada and the UAE. He previously requested to travel to the UAE for the hospitalization and surgery of someone close to him, but the judge rejected his request.

Guilty Plea Rocks Binance

In November, the former crypto boss pled guilty to breaking the Bank Secrecy Act (BSA) and not upholding a proper anti-money laundering program at Binance. In his plea agreement, he agreed to resign as CEO, and Binance paid $4.3b in fines.

Following his plea, Binance saw over $900m in outflows.

Zhao is presently out on a $175m release bond as he awaits his sentencing hearing. The hearing, originally set for Feb. 23, has been rescheduled to April 30.