Binance's Former CEO, CZ, Denied Request to Stake $4.5B Shares for UAE Travel Amid Money Laundering Case

Security Request Denied

Changpeng Zhao (CZ), the former CEO of Binance, attempted to use his Binance US shares, valued at $4.5 billion, as security to travel to the UAE for a family member's surgery, according to a recent court filing on Jan 24. However, the request was denied by the judge on Dec. 29.

Money Laundering Admission

Zhao, who admitted to money laundering in 2023, had posted a $175 million bond as bail to remain free until February during his trial. Facing a potential 18-month jail term, he is unable to appeal if the sentence falls within this limit.

Sealed Letters and Privacy Concerns

Details in Zhao's letters to the court, including the family member's name undergoing surgery and the surgery type, remain sealed to protect privacy. Despite this, Judge Jones, citing flight risk concerns, prohibited Zhao from traveling to the UAE. He is required to stay in the US until his sentencing on Feb. 23.

Regulatory Settlement and Resignation

Zhao, currently inactive on social media, resigned as Binance CEO after reaching a settlement with US regulators. He acknowledged operating an unlicensed business and violating financial laws.

Summary:

Former Binance CEO CZ's attempt to use $4.5 billion worth of Binance US shares as security for travel to the UAE amid a money laundering case has been denied. Facing potential jail time, CZ is prohibited from leaving the US until his sentencing in February.

The denial of CZ's travel request underscores the legal challenges he faces. His admission of money laundering and regulatory settlement have marked a significant chapter in Binance's history.