Home ยป In January, CZ attempted to commit his whole Binance holding to leaving the US.

In January, CZ attempted to commit his whole Binance holding to leaving the US.

Changpeng Zhao offered his multibillion-dollar stake as security, but a judge rejected his plea to go to the United Arab Emirates, according to recently released court documents.

by V. Sinclair
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Changpeng Zhao, the former CEO of Binance, attempted to pledge his multibillion-dollar ownership in Binance.According to a recently revealed court document, the US as security would be allowed to temporarily return to the United Arab Emirates.

A previously sealed letter from Zhao’s attorneys to Judge Richard Jones dated December 22 was made public in a court filing on January 24. It stated that Zhao had offered up his interest in Binance.US, which was valued $4.5 billion based on a funding round that took place two years prior.

The letter stated that federal prosecutors did not approve Zhao’s request to spend up to four weeks in the UAE in early January in order to visit a friend or relative who was hospitalized and having surgery.

Court transcripts reveal Richard Jones, Judge refused the request during a closed-door hearing on December 29.

Zhao is currently free in the United States on a $175 million bail after entering a guilty plea to money laundering on November 21. He consented to waive his right to appeal any punishment of up to eighteen months in jail.

The name of the patient, the procedure’s name, and other private and sensitive details are mentioned in portions of the freshly released letter that have not yet been fully redacted.

As part of the original terms of Zhao’s release, Jones had barred him from visiting the UAE, claiming that Zhao’s “enormous wealth and property abroad” made it likely that he would “flee if he returned to the UAE.”

He commanded the former CEO of Binance to remain in the country until his sentence on February 23. Zhao last posted on December 6, 2023, so it’s unclear where he is in the nation. He hasn’t been very active on X.

As part of a $4.3 billion settlement with U.S. officials, Zhao resigned as CEO of Binance in November 2022 after admitting to operating an unauthorized money-transmitting firm and breaking the Bank Secrecy Act.

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