NEAR Protocol (near) 
A U.S. district court has revised the bail conditions for Binance cryptocurrency exchange founder Changpeng Zhao, instructing him to surrender his Canadian passport.
The Ministry of Justice’s request, as reported by the Wall Street Journal, has been granted. Zhao is now required to hand over all valid and expired passports. These documents will be entrusted to a designated individual hired by his legal team, who will accompany Zhao on any trips requiring a passport.
Additionally, Zhao can only obtain new travel documents with prior approval from the court and must inform relevant authorities of his whereabouts.
In a related development, Zhao recently resigned as chair of Binance.US. In November 2023, he pleaded guilty to violating the Bank Secrecy Act and agreed to a substantial fine. Following this, Zhao was granted bail amounting to $175 million.
In December, Judge Richard A. Jones prohibited Zhao from leaving the U.S. until a verdict is reached in his case. Prosecutors from the U.S. Justice Department expressed concerns about Zhao’s potential flight risk, pointing to his considerable assets, ties to the UAE, and absence of an extradition treaty between the UAE and the U.S.
The sentencing date for Zhao’s case has been rescheduled to April 30 from its original March date, with reasons for the delay remaining undisclosed. If found guilty of breaching anti-money laundering laws in the U.S., Zhao could face a prison term of up to 18 months. Former SEC employee John Reed Stark anticipates that the Justice Department will push for a harsher penalty.
Despite these legal challenges, Zhao continues to lead the list of crypto billionaires. For more news and updates on cryptocurrency developments, visit Global Crypto News.
