Former Binance CEO CZ Ordered To Surrender His Canadian Passport and all Travel Docs

• US prosecutors demand former Binance CEO, Changpeng ‘CZ’ Zhao, to surrender his Canadian passport and all other travel documents. 
• They requested additional restrictive measures on the Binance founder.
• A US court has approved Binance’s $4.3 billion settlement agreement.

The legal saga surrounding former Binance CEO Changpeng Zhao (CZ) takes a new turn as U.S. prosecutors push for more stringent travel restrictions ahead of his sentencing. 

The United States Attorney’s Office has requested a federal judge to impose additional measures on Zhao, who pleaded guilty to failing to maintain an effective Anti-Money Laundering program at Binance.

In a recent filing dated Feb. 23, U.S. Attorney Tessa Gorman petitioned Magistrate Judge Brian Tsuchida to enforce specific conditions for CZ’s freedom on bail. 

The proposal includes mandating Zhao to remain within the United States until his sentencing hearing scheduled for April 30. 

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Furthermore, prosecutors demanded that he surrender his Canadian passport and any other current and expired passports and travel documents to his legal team. 

Notably, Zhao, who also holds citizenship in the United Arab Emirates, had sought permission to travel to visit family before the initial February sentencing, a motion that the judge denied. 

The judge cited Zhao’s lack of substantial ties to the U.S., expressing concerns about the potential flight risk.

Despite objections from Zhao’s legal counsel, prosecutors are adamant about enforcing travel restrictions to ensure his presence during the upcoming legal proceedings.

U.S. Judge Richard Jones on Friday approved a plea deal for Binance to pay a $4.3 billion fine. As part of the deal, the company’s compliance must be monitored for five years by an independent firm, which has yet to be appointed. https://t.co/YFZGjkh5Nz

— Wu Blockchain (@WuBlockchain) February 24, 2024

The developments come after a significant deal between Binance and U.S. authorities, wherein the crypto exchange agreed to a $4.3 billion settlement. 

Judge Richard Jones approved this agreement on February 23, which involves a staggering $1.8 billion fine and the forfeiture of $2.5 billion.

Judge Jones underscored the ethical lapses within the company, emphasizing how greed had compromised its integrity. 

Following CZ’s departure, Richard Teng, the former head of regional markets at Binance, assumed the CEO role.

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