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Request Made for Binance’s Changpeng Zhao to Surrender Passports Before Sentencing

The United States Attorney’s Office has formally petitioned a federal judge to impose further travel limitations on Changpeng Zhao, often referred to as CZ, the former CEO of Binance.

In a recent submission to the court, U.S. Attorney Tessa Gorman has urged Magistrate Judge Brian Tsuchida to sanction a motion detailing the terms of CZ’s bail release.

The prosecution team is seeking CZ’s confinement within the contiguous United States until his sentencing hearing on April 30. Additionally, they are requesting that CZ give a three-day advance notice for any travel intentions to enable the government to voice any objections.

Authorities Ask CZ to Surrender Passport

Additionally, the U.S. Attorney’s Office has insisted that CZ hand over his Canadian passport, along with any other valid or expired passports and travel documents, to his legal representatives.

CZ holds citizenship in the United Arab Emirates and had previously sought permission to travel there for a family visit before the sentencing. However, the judge rejected this request.

Expressing objections to the current terms of the motion, CZ’s legal team has signaled their intention to explore alternative options that would permit him to travel outside the country.

The cryptocurrency mogul had previously pleaded guilty in November 2023 to one felony count related to the failure to maintain an effective Anti-Money Laundering program at Binance.

Since then, he has been out on bail, with a bond set at $175 million.

In November, Zhao resigned as CEO and admitted guilt to an anti-money laundering violation, agreeing to a $50 million fine.

Binance, the company, also reached a settlement with multiple authorities including the Justice Department, the Treasury Department, the Commodity Futures Trading Commission, and the Office of Foreign Assets Control, paying a substantial $4.3 billion in penalties.

On February 23, Judge Richard Jones sanctioned a $1.8 billion fine and the forfeiture of $2.5 billion as part of this agreement.

However, CZ, Binance, and Binance.US are still embroiled in a civil case brought forth by the U.S. Securities and Exchange Commission, which filed a lawsuit against them in June 2023.

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

Binance Pushes for Global Expansion

Last month, Binance introduced its collaborative venture, Binance Thailand, in partnership with Gulf Innova, a subsidiary of Gulf Energy Development.

Known as Binance TH, this exchange facilitates digital asset trading services with Thai baht trading pairs. It has established connections with local banks in Thailand and established a partnership with Binance Kazakhstan to offer brokerage services, all under the regulatory oversight of Thailand’s SEC.

Moreover, Binance Thailand has proactively enhanced global cybersecurity efforts by teaming up with INTERPOL. In a recent half-day virtual session dedicated to crucial topics in cryptocurrency investigations and cyber policing within the rapidly evolving Web3 landscape, Binance engaged with over 30 officers from INTERPOL.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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