- Former Binance CEO Changpeng Zhao (CZ) sought approval to temporarily return to the UAE.
- In a closed-door meeting on December 29, Judge Richard Jones rejected the request.
- CZ attempted to pledge his multibillion-dollar interest in Binance US for permission to travel.
- A court filing on January 24 revealed a previously sealed letter from CZ’s attorneys to Judge Jones.
- The letter disclosed CZ’s offer to pledge his ownership stake in Binance US, valued at $4.5 billion.
- Federal prosecutors denied CZ’s request to spend up to four weeks in the UAE for personal reasons.
- The rejected request was related to visiting a friend or relative undergoing surgery in a hospital.
- CZ entered a guilty plea to money laundering on November 21 and is currently on $175 million bail.
- As part of his bond terms, CZ was barred from entering the UAE due to concerns about leaving.
- CZ resigned as Binance CEO in November 2022, settling for $4.3 billion with US regulators.
- The settlement acknowledged operating an unauthorized money-transmitting firm and violating the Bank Secrecy Act.
In a recent development, it has been disclosed that former Binance CEO Changpeng Zhao (CZ) attempted to gain permission to temporarily return to the United Arab Emirates (UAE). The endeavor involved CZ pledging his multibillion-dollar interest in Binance US, a move that aimed to facilitate his visit to the UAE.
According to a court filing on January 24, a previously sealed letter dated December 22 from CZ’s attorneys to Judge Richard Jones outlined the attempt. In the letter, CZ offered up his ownership stake in Binance US, estimating its value at $4.5 billion based on a funding round from two years prior.
The letter further revealed that federal prosecutors opposed CZ’s request to spend up to four weeks in the UAE. The proposed visit was intended for personal reasons, specifically to attend to a friend or relative undergoing surgery and expected to stay in a hospital.
However, in a closed-door meeting on December 29, Judge Richard Jones rejected CZ’s request, maintaining the restrictions on his travel. CZ, who entered a guilty plea to money laundering on November 21, is presently free in the US on a $175 million bail. As part of the bond terms, he agreed not to contest any punishment up to eighteen months in jail.
CZ’s ability to travel was restricted by Judge Jones as a precautionary measure, given his substantial wealth and overseas property, which raised concerns about the likelihood of him leaving the country.
It’s noteworthy that CZ resigned as the CEO of Binance in November 2022 as part of a $4.3 billion settlement with US regulators. The settlement included CZ’s acknowledgment of operating an unauthorized money-transmitting firm and violating the Bank Secrecy Act.
The latest revelation sheds light on the complexities surrounding CZ’s legal situation and the measures taken to regulate his movements in light of the charges he faces.
