Binance Former CEO CZ to Surrender Passport Under Modified Bail Bond – Unchained

Former Binance CEO Changpeng Zhao will have to notify pretrial services before any interstate travel within the US in addition to surrendering his passport to a third-party custodian.

Changpeng Zhao, the former CEO of crypto exchange Binance, has had further changes made to his bail bond by the U.S. District Court in Seattle ahead of his sentencing hearing.

According to court documents filed on March 11, Zhao must notify pretrial services before any interstate travel within the US The court has also ordered Zhao to surrender his current Canadian passport to a third-party custodian under the supervision of his counsel.

In addition, Zhao would need to surrender all other current and expired passports to his counsel, who would only be permitted to return these travel documents to him with authorization from the court. 

The changes to Zhao’s bail bond is the second modification issued by U.S. District Judge Richard Jones, who ruled in November that the former Binance CEO was not allowed to leave the US, staying an earlier bond agreement that would have allowed him to travel to the United Arab Emirates (UAE).

The ruling was held despite an appeal from Zhao’s lawyers requesting that he be permitted to travel to the UAE to be present for the hospitalization and surgery of an unnamed individual who he had close ties to. Zhao offered his entire $4.5 billion stake in Binance as security for his return to the US.

Zhao pleaded guilty to violating the Bank Secrecy Act (BSA) and failing to maintain an effective anti-money laundering program at Binance. As part of his plea deal, he agreed to step down as CEO and Binance paid $4.3 billion in penalties. 

He is currently out on a $175 million release bond while he awaits his sentencing hearing, which has been postponed from Feb. 23 to April 30.