Prosecutors are pursuing an increased bond in light of Zhao’s plea. Legal representation for Zhao challenges the suggested limitations.
United States prosecutors have asked the court to impose stricter bail terms on Binance founder Changpeng Zhao in anticipation of his upcoming sentence for violations of federal anti-money laundering legislation.
Court records show that Zhao pleaded guilty in late November for failing to maintain an effective anti-money laundering program; he is now awaiting a sentence in April.
In order to give prosecutors and pre-trial services a chance to voice any concerns they may have, the current suggested requirements, as stated in court documents, require that Zhao give them at least three days’ notice before any domestic trip.
On top of that, Zhao would have to give up his present Canadian passport and can’t get a new one until the court gives him permission. Plus, the court would have to approve any move involving his house in advance.
Legal counsel for Zhao has reportedly challenged the suggested bail terms in the complaint. Judge Richard Jones had already decided in mid-December to prevent Zhao from leaving the country, and these objections follow in his footsteps.
The court found that Zhao’s large fortune and lack of US links may lead him to flee if given the chance to return to the UAE.
Prosecutors emphasized pretrial services officers’ suggestions for more mobility limitations in their most recent petition to the United States District Court in Seattle. His travels would be severely restricted to the western portion of Washington, where he now resides.
Also worth mentioning is that pretrial services recommended a “location monitoring requirement,” even though prosecutors didn’t specifically ask for it in their request.
A $175 million personal recognizance bail keeps Zhao, a Canadian citizen, free in the US. As part of his settlement with the US Commodity Futures Trading Commission, Zhao paid a personal penalty of $150 million, which his legal team said was an important step toward accepting responsibility for his crimes.
In addition to the guilty plea, the Justice Department said that Binance has agreed to pay more than $4.3 billion to resolve other criminal allegations.
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