Binance Founder Ordered to Surrender Passport, Notify Court on Travels

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Key Takeaways

  • Changpeng Zhao must comply with strict travel restrictions and surrender his passport as ordered by a federal judge.
  • The SEC's lawsuit against Binance and Zhao alleges deceptive practices and unregistered operations.
  • Zhao admitted to violating U.S. anti-money laundering regulations and awaits sentencing in April.

Binance founder Changpeng Zhao faces tightened bond conditions as a federal judge orders him to surrender his passport and report domestic travel.

U.S. District Judge Richard A. Jones mandated that Zhao notify the court’s Pretrial Services before traveling to the U.S. and prohibited him from leaving the country before sentencing.

Furthermore, Zhao must relinquish his Canadian passport to a designated third-party custodian appointed by his legal team for any travel requiring identification. All current and expired passports must be surrendered to his lawyers, with new passport acquisition subject to court approval.

In June 2023, the SEC sued Binance and Zhao for deception and unregistered operations. The SEC urged the court to consider admissions from a DOJ settlement.

While Binance and Zhao seek dismissal, the SEC presses forward. The SEC claims Binance misled investors about risk controls and trading volumes. Binance and Zhao have requested dismissal.

Changpeng Zhao pleaded guilty in November to breaching U.S. anti-money laundering laws and will receive a sentence in April.

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