The former CEO of Binance will not be able to leave the USA before his sentencing, scheduled for February 2024. According to court documents, a U.S. judge denied CZ’s request to travel to the United Arab Emirates despite the former Binance CEO having offered his $4.5 billion stake in the exchange as collateral.
No hope of a return to the United Arab Emirates for CZ
New twist in case against former Binance CEO Changpeng Zhao to the American justice system. According to court documents published on January 24, 2024, the judge Richard Jones rejected CZ to travel to the United Arab Emirates (UAE) at a closed hearing on December 29.
In a petition dated December 22, 2023, Changpeng Zhao’s lawyers had asked the judge to authorize their client to travel to the UAE from January 4, 2024 for a maximum of 4 weeks. During his stay, CZ is expected to visit a relative undergoing surgery. According to the lawyers’ letter, the surgery was scheduled for January 5, 2024.
To show his good faith and guarantee his return to the USA, Changpeng Zhao was even prepared to pull out all the stops. According to his lawyers’ letter, he promised to offer his entire stake in the Binance US exchange as collateral. CZ’s equity in Binance US is valued at $4.5 billion.
Will the CZ page soon be turned?
A few months ago, Changpeng Zhao was a heavyweight and an unrivalled influencer in the crypto ecosystem. Some of FTX’s victims even reached to accuse him of contributing to the collapse of the SBF exchange through his tweets. However, CZ’s great influence has been waning since the start of his legal troubles in the USA.
Indeed, CZ pleaded guilty to money laundering on November 21, 2023. To this end, he resigned as head of Binance in application of a agreement with the US authorities. For its part, Binance walked away with a colossal $4.3 billion fine. Exchange now banned in certain US states, notably Alaska and Florida.
For the moment, CZ is banned from leaving the U.S. He is calmly awaiting his sentencing, scheduled for next February. The billionaire faces up to 18 months in prison. Follow Coinpri so you don’t miss any of the action that could put one of the major players in our ecosystem out of business.
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