Richard

United

Bank AI

April

A U.S. district court has changed the bail conditions for Binance cryptocurrency exchange founder Changpeng Zhao and ordered him to surrender his Canadian passport.
As the <a href="https://www.wsj.com/livecoverage/cpi-report-today-inflation-stock-market-03-12-2024/card/binance-founder-must-surrender-passport-judge-orders-4LG328V5oubRkzZdnRgn" target="_blank" rel="noopener noreferrer nofollow">Wall Street Journal</a> reports, the Ministry of Justice’s request was satisfied. The court has now ordered Zhao to surrender all valid and expired passports. The entrepreneur must transfer the documents to a person his lawyers will hire, who will accompany the former head of <a href="https://crypto.news/tag/binance/" rel="noopener noreferrer nofollow">Binance</a> on all trips where a passport may be needed.
In addition, <a href="https://crypto.news/tag/Changpeng-Zhao/" rel="noopener noreferrer nofollow">Zhao</a> can only issue new documents with the court’s permission. He is also obliged to notify the relevant services of his movements.
You might also like: <a href="https://crypto.news/changpeng-zhao-resigns-as-chair-of-binance-us/" rel="noopener noreferrer nofollow"> Changpeng Zhao resigns as chair of Binance.US </a>
In November 2023, Zhao pleaded guilty to violating the Bank Secrecy Act and agreed to pay a fine. Soon after, Zhao was released on bail of $175 million.
In December, Judge Richard A. Jones formally <a href="https://crypto.news/binance-founder-changpeng-zhao-grounded-again-us-court/" target="_blank" rel="noopener noreferrer nofollow">barred</a> the entrepreneur from leaving the United States pending a verdict in his case. U.S. Justice Department prosecutors believe there is a substantial risk that Zhao will not return to the United States. The court cited his “significant assets,” close ties to the <a href="https://crypto.news/tag/UAE/" target="_blank" rel="noopener noreferrer nofollow">UAE</a>, and the country’s lack of an extradition treaty with the United States.
The sentencing date in the Zhao case has been <a href="https://crypto.news/changpeng-zhaos-criminal-sentencing-postponed-to-late-april/" rel="noopener noreferrer nofollow">postponed</a> to April 30. It was originally scheduled for March but was delayed for unknown reasons.
The entrepreneur may face up to 18 months in prison after pleading guilty to violating anti-money laundering laws in the U.S. According to former U.S. <a href="https://crypto.news/tag/sec/" target="_blank" rel="noopener noreferrer nofollow">SEC</a> employee John Reed Stark, representatives of the Ministry of Justice <a href="https://crypto.news/john-reed-stark-details-why-binance-doj-actions-are-victory-for-sec/" target="_blank" rel="noopener noreferrer nofollow">will insist</a> on a more severe punishment.
You might also like: <a href="https://crypto.news/changpeng-zhao-tops-list-of-crypto-billionaires-despite-legal-woes/" rel="noopener noreferrer nofollow"> Changpeng Zhao tops list of crypto billionaires despite legal woes </a>

Binance founder Changpeng Zhao ordered to surrender Canadian passport

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