The Ministry of Justice's plea was granted, as the Wall Street Journal notes. Zhao is now required by the court to turn in all of his passports, both current and expired. The business owner has to give the paperwork to a person his attorneys will appoint, who will travel with the former CEO of Binance on any travels when a passport would be required.
Zhao is also limited to issuing additional documents with the consent of the court. He must also report his movements to the appropriate services.
Zhao admitted to breaking the Bank Secrecy Act in November 2023 and promised to pay a fine. Zhao was freed shortly afterward on a $175 million bail.
Judge Richard A. Jones officially prohibited the businessman from traveling outside of the country in December while he awaited the outcome of his case. Prosecutors at the US Justice Department think there's a good chance Zhao won't come back to the country. His "significant assets," close ties to the UAE, and the absence of an extradition treaty between the UAE and the US were all mentioned by the court.
In the Zhao case, the date of sentencing has been rescheduled for April 30. It was postponed for unclear reasons from its March initial schedule.
After entering a guilty plea to breaking American anti-money laundering regulations, the business owner might spend as much as eighteen months behind bars. John Reed Stark, a former employee of the U.S. SEC, claims that prosecutors from the Ministry of Justice will push for a harsher penalty.