U.S. Judge Orders Binance Founder CZ to Relinquish Passport

Article Summary:
The U.S. district court has imposed new bail conditions on Changpeng Zhao, the founder of Binance, a cryptocurrency exchange. Zhao, also known as CZ, must surrender his Canadian passport and inform authorities before traveling within the United States. This is the second alteration to his bail terms, as initially he was not allowed to leave the U.S. Zhao pleaded guilty in November to violating anti-money laundering regulations and faces up to 18 months in prison. As part of his plea deal, he agreed to step down as CEO of Binance and pay $4.3 billion in penalties. The Justice Department is expected to seek a strict penalty for Zhao.