Prosecutors seize former Binance CEO's passport to prevent him from fleeing the country

It was reported by a crypto news website on February 23rd. Washington County Court United States Prosecutors have changed Zhao's bond conditions and asked the judge to set specific bail conditions to ensure he remains in America. and require travel plans to be notified three days in advance to the government.

This move follows a previous court decision to keep him inside the country under state supervision. And the new requirements proposed by prosecutors call for Zhao to hand over his Canadian passport to a third-party custodian. and prohibits him from obtaining any new travel documents without express permission from the court.

The filing addresses Zhao's legal team's opposition to restrictions on his international movement, which Zhao himself, a Canadian with United Arab Emirates (UAE) citizenship, had requested. Previous travel permit to the United Arab Emirates to visit family. A judge rejected the move after Zhao pleaded guilty in November 2023 to charges of failing to implement a strong anti-money laundering program at Binance and requested bail. The bail is said to be US$175 million.

His resignation from the CEO position follows a multi-billion dollar agreement with the US authorities. This includes hefty fines and fines. On February 23, Binance agreed to a $4.3 billion penalty. From negotiating with the judge And the agreement imposes additional enforcement measures: For the next five years, Binance will be under the watchful eye of compliance auditors. New York law firm Sullivan & Cromwell has reportedly been assigned to that role.

If the court accepts the plaintiff's request Zhao's travel will be restricted to within the country. This demonstrates the growing fact-based approach to the cryptocurrency space. Amid regulatory crackdown