Summary
TLDR: US District Judge modified former Binance CEO’s bond, requiring him to surrender his Canadian passport and stay in the US, ahead of sentencing. Zhao must inform Pretrial Services before any travel and cannot apply for new passports. He is set to be sentenced on April 30 and resigned as CEO as part of a plea deal with the US government.
Key Points
1. US District Judge Richard Jones modified former Binance CEO Changpeng Zhao’s bond ahead of sentencing. Zhao was ordered to surrender his Canadian passport to a third-party custodian employed by his lawyers.
2. Zhao must also remain in the continental US and must inform “Pretrial Services” before any travel. The US government sought to modify the bond earlier this year, arguing that the original bond expectations were set when the prosecutors believed that Zhao would be returning to the United Arab Emirates, which is his primary residence with his family.
3. Late last year, Zhao pushed to be allowed to go back to the UAE. However, a judge ordered him to stay in the US. This decision was made in part because the US does not have an extradition treaty with the UAE. Zhao is set to be sentenced on April 30 after the initial sentencing date was delayed.