Key takeaways:
- CZ has been subject to new travel restrictions, which the US Attorney’s Office has asked a federal judge to grant.
- Zhao is a citizen of the United Arab Emirates, where the judge turned down his plea to visit family prior to his sentence.
Changpeng “CZ” Zhao, the former CEO of Binance, has been subject to new travel restrictions, which the US Attorney’s Office has asked a federal judge to grant.
In a document filed on February 23 in the Western District of Washington US District Court, US Attorney Tessa Gorman asked Magistrate Judge Brian Tsuchida to grant a motion outlining the terms under which CZ will be released on bond.
Zhao’s attorneys requested that he remain in the United States until his sentencing hearing on April 30 and that he give three days’ notice before departing so that the government may object.
The US Attorney’s Office requested CZ to turn over “all other current and expired passports and travel documents” in addition to his Canadian passport to his legal representatives. In addition, Zhao is a citizen of the United Arab Emirates, where the judge turned down his plea to visit family prior to his sentence.
According to the petition, Zhao’s attorney objects to the motion as drafted, stating that his team may keep looking for a method to get the former CEO of Binance out of the country.
CZ admitted to one count of a felony for failing to keep up a functional anti-money laundering program at Binance in November 2023. He has been free on a $175 million bond ever since the indictment was issued.
As part of a $4.3 billion agreement between US authorities and the cryptocurrency exchange, CZ resigned as CEO of Binance.
Judge Richard Jones accepted the $1.8 billion fine and $2.5 billion forfeiture on February 23. The US Securities and Exchange Commission filed a complaint against CZ, Binance, and Binance US in June 2023. The case is still pending. During the hearing on February 23, Judge Jones said:
“This really is a case where the ethics of the company were compromised by greed,”
Richard Teng, a former head of regional markets at Binance, took over as CEO following CZ’s resignation.
