US seeks to modify Changpeng Zhao’s bond ahead of sentencing

The US filed to modify the ex-Binance CEO’s bail to require notification of travel plans

article-image

Binance co-founder Changpeng Zhao | Ben McShane/Web Summit via Sportsfile/"BE6_1636″ (CC license)

share

The US government filed to modify former Binance CEO Changpeng Zhao’s bond ahead of his sentencing.

“The original bond conditions were based on the expectation that Zhao would be living in the [United Arab Emirates], and so they did not address matters such as custody of his passports and notifications to Pretrial Services related to his travel plans and residence,” the government wrote in a filing Friday.

The US government wants Zhao and his defense team to inform the government of his travel plans. Zhao’s team pushed back on the modification, arguing that it hasn’t yet been an issue for the former CEO to travel throughout the US. However, the government is concerned about him going to the US-Canada border.

Zhao is also a Canadian citizen.

Read more: Here are the details of Binance and Changpeng Zhao’s plea deal

“The defense says this requirement is unnecessary because Zhao’s travel ‘has not been an issue to date.’ But something that “has not been an issue to date’ can become an issue in the future,” the filing said.

The government’s lawyers clarified that Zhao doesn’t need to ask for permission to travel across the US, just notice, so that the government can have the “opportunity to raise the matter with the court” if it needs to.

As part of the modification order — initially filed late last month —  the US also asked that Zhao surrender his Canadian passport to a “third-party custodian employed and supervised by his counsel of record.” This would also prevent Zhao from applying for or receiving a new passport. 

Read more: The US watered down crypto when it ousted Binance’s Zhao — and that’s okay

Zhao would also be required to maintain his residence and would have to get approval from “Pretrial Services” before changing his residence. Zhao’s team objected to the government’s request, but the government argued that it’s a “standard, commonsense requirement” and Zhao is not exempt from it.

The former executive’s sentencing is set for April 30, after a delay pushed the date back. At the end of last year, he asked to be able to travel back to the UAE — where his family lives — but the request was denied by the court due, in part, to the lack of an extradition treaty between the US and the UAE.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

ao cover.jpg

Research

Arweave recently launched the testnet for AO computer, a new messaging protocol that will sit atop a PoS network and aims to become a scalable global compute platform through parallel processing and modularity.

article-image

Ore’s price more than tripled as the supply of new tokens paused

article-image

I spend an unhealthy amount of time thinking about crypto securities law — and I can’t see how ETH is now a securities offering under Howey

article-image

Regulators in South Korea, Japan and Singapore could follow Hong Kong’s lead as Asia responds to spot bitcoin ETF approval in the US

article-image

Martin Grant worked with the Fed for roughly 30 years before leaving his position in 2022

article-image

BitGo CEO Mike Belshe shared his thoughts on the halving and bitcoin ETFs in an interview with Blockworks

article-image

Crypto markets were largely the only ones open over a tense weekend, and they took a beating for it