- Binance CZ’S $4.5B equity offer fails to secure urgent UAE visit.
- February 23 marks the crucial date for Changpeng Zhao’s sentencing.
In a recent court filing, it has been revealed that a federal judge rejected a travel request from Binance’s former CEO Changpeng Zhao, who sought permission to travel to his home in the United Arab Emirates (UAE) for the hospitalization and surgery of a person close to him. Despite offering his Binance equity valued at $4.5 billion as security for his return to the U.S., Judge Richard Jones denied the request.
The court documents, filed on Wednesday, disclosed that CZ’s lawyers submitted a letter to Judge Jones on December 22, outlining the urgency of the situation and his willingness to post his substantial Binance equity as collateral.
Notorious Moments For CZ
Zhao had previously pleaded guilty in a Seattle federal court in November for failing to maintain an effective anti-money laundering program at Binance, the world’s largest cryptocurrency exchange. He stepped down as CEO following his guilty plea and is scheduled to be sentenced on February 23. Despite his guilty plea, he has remained free in the U.S. on a $175 million release bond.
This is not the first time Zhao’s travel plans have been thwarted. In a previous request, Judge Jones rejected Zhao’s plea to travel to the UAE in December, stating that his “enormous wealth” posed a significant flight risk. The judge highlighted Zhao’s substantial foreign assets, including property and family ties in the UAE, as factors contributing to the decision.
In the recent court filing, details about the medical procedure and the identity of the person undergoing surgery were redacted. It was noted that federal prosecutors did not consent to Zhao’s travel request, further influencing the judge’s decision to deny the plea.
As the legal proceedings unfold, the community awaits Zhao’s sentencing on February 23 and continues to monitor developments surrounding one of the most influential figures in the industry. Notably, CZ who was one of the active social media persons, has not tweeted since December 9, 2023.
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- Source: https://thenewscrypto.com/binance-ex-ceo-cz-denied-travel-to-uae-despite-4-5-b-equity-offer/
