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International Business Times

Business

Marvie Basilan

Court Modifies Ex-Binance CEO's Bond Conditions, Orders Passport Surrender

Binance Changpeng CZ Zhao Changpeng Zhao United States SEC DOJ

Binance has agreed to pay more than $4 billion to resolve most of the US investigations into it, and CEO Changpeng Zhao has resigned. (Credit: AFP)

KEY POINTS

CZ must surrender his current passport to a third-party custodian who will retain control of the document
He has also been barred from obtaining new passports from any country without the court's permission
Zhao is out on a $175 million bond and is set for sentencing later next month

A U.S. court has ordered Binance founder and former CEO Changpeng "CZ" Zhao to surrender his passports, whether active or expired, as part of his modified bond conditions for release.

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