Court Orders Former Binance CEO to Surrender Passport Before Sentencing

Former Binance CEO Changpeng Zhao (CZ) has received a notice altering his bail conditions, requiring him to surrender his passport to authorities.

The ex-CEO posted a $175 million bail to remain free until sentencing. However, prosecutors demanded a travel ban from the US, fearing he might flee.

The defendant must now hand over his Canadian passport and other travel documents to a designated custodian, who will accompany Zhao on all trips.

He is also prohibited from obtaining new documents without court approval.

Earlier, the court postponed Zhao’s sentencing on money laundering charges to April 30, without providing a reason for the delay.

Federal guidelines suggest a maximum sentence of 18 months in prison for Zhao’s case, the publication noted. Prosecutors have expressed intentions to seek a harsher sentence, with discussions of up to 10 years.

Previously, Zhao’s lawyers attempted to contest the travel ban, but the court sided with law enforcement.

In December, the court denied the entrepreneur’s request to return home to the UAE, despite a proposed $4.5 billion bail.