The American judge has imposed a travel ban on Changpeng Zhao, the former CEO of Binance. Not long ago, Zhao was seen as the most powerful man in the crypto world, but now he will soon be on trial for violating anti-money laundering laws and will no longer be allowed to leave America without court permission.
In fact, the billionaire must surrender his passports and is not allowed to apply for new travel documents. The judge fears that he will then flee to a country without an extradition treaty.
Judge imposes travel ban on Changpeng Zhao
Zhao pleaded guilty in November to violating anti-money laundering laws and resigned as CEO of Binance at the same time. He has since been free on a $175 million bond, but the US Attorney’s Office filed a motion last month with stricter conditions.
In a new order modifying bail, Judge Jones rules that Zhao must surrender his Canadian passport to a third party. “This third party must maintain the Canadian passport and accompany the suspect on any travel requiring identification.”
In addition, Zhao must surrender all his current and expired passports and travel documents to his lawyers. They may only return the documents with the permission of the court or pretrial services. “The suspect may not apply for or obtain a new passport or travel document from any country without the permission of the court.”
What a story Changpeng Zhao’s life is turning out to be. It rose like a comet after Binance’s launch in 2017 and has now fallen like a stone. Although he did make several billion dollars from the adventure.
Flight hazard
In court documents filed in November, prosecutors explained why they view Zhao as a flight risk.
“Since Zhao is not a US citizen, but a citizen of the United Arab Emirates (UAE) with significant assets outside the United States, minimal ties to the United States, and a residence in a country without an extradition treaty with the United States, he poses a serious flight risk .
It is therefore requested that he be required to reside in the continental United States pending sentencing.”
What do you think, will Changpeng Zhao actually go to prison? Then he could meet his great former competitor, Sam Bankman-Fried.
Source: https://newsbit.nl/changpeng-zhao-mag-amerika-niet-verlaten-en-moet-paspoorten-inleveren/
