A U.S. district court has modified the bail conditions for Changpeng Zhao, the founder of Binance cryptocurrency exchange, directing him to surrender his Canadian passport.

According to the Wall Street Journal, the Ministry of Justice's request has been granted, compelling Zhao to surrender all valid and expired passports. His legal team will appoint a person to hold these documents and accompany him on trips where a passport is required.

Additionally, Zhao can only obtain new documents with court approval and must inform relevant authorities of his movements.

In November 2023, Zhao pleaded guilty to violating the Bank Secrecy Act and agreed to a fine, securing release on $175 million bail.

In December, Judge Richard A. Jones barred Zhao from leaving the U.S. until his case verdict, citing concerns of flight risk due to his substantial assets and ties to the UAE, which lacks an extradition treaty with the U.S.

The sentencing, initially set for March, has been rescheduled to April 30 for undisclosed reasons. Zhao could face up to 18 months in prison for breaching U.S. anti-money laundering laws, with the Ministry of Justice seeking a harsher penalty, as per former SEC employee John Reed Stark.