CZ Tries to Stake His Binance Equity Worth $4.5 Billion as Security
Ex-Binance CEO Zhao offers $4.5B shares for UAE travel; judge denies the request amid money laundering case.
The former CEO of Binance, Changpeng Zhao has previously made efforts to use his Binance US shares worth $4.5 billion as security to travel to the UAE, This was revealed in a recent court filing on Jan 24.
Zhao was trying to visit a family member who was having surgery in the UAE, but prosecutors didn't agree to his travel request. The judge denied it on Dec. 29.
After Zhao admitted to money laundering in 2023, he remitted a $175 million bond as bail to stay free till February during his trial. He could face up to 18 months in jail and can't appeal if his sentence is within this limit.
Some of Zhao’s letters to the court are still sealed and made private, protecting private details like the name of his family member who is in surgery and the surgery type.
Judge Jones had earlier stopped Zhao from going to the UAE, fearing he might flee. Zhao must stay in the US until his sentencing on Feb. 23.
Zhao, now inactive on social media, stepped down as Binance CEO after a settlement with US regulators. He admitted to running an unlicensed business and breaking financial laws.
