A US judge has blocked Zhao Changpeng’s visit to the UAE despite an offer of $4.5 billion worth of Binance shares.

adminJanuary 25, 2024

CZ’s trip to the UAE has been blocked by a US judge despite a $4.5 billion Binance stock offer.
Concerns about flight risk have been cited due to Zhao’s considerable wealth and overseas connections.
Sentencing for CZ, who faces 10 to 18 months in prison, is scheduled for February.

Binance founder Changpeng ‘CZ’ Zhao faces a legal hurdle after a US federal judge denied his request to travel to the UAE despite offering $4.5 billion of his Binance shares as collateral. The rejection comes as Zhao’s guilty plea to anti-money laundering charges and his impending sentencing further complicates his legal story.

Changpeng ‘CZ’ Zhao pleaded to travel to the United Arab Emirates for a family emergency and held $4.5 billion worth of Binance US shares as collateral.

Concerns about CZ’s flight risk and sentencing

The denial of Zhao’s travel request highlights concerns about potential flight risks. A federal judge in Seattle had previously ruled that Zhao must remain in the United States until sentencing, citing his considerable wealth overseas and minimal ties to the United States.

Zhao’s sentencing, scheduled for February, could result in a sentence of 10 to 18 months in prison under federal sentencing guidelines. His guilty plea and resignation from the Binance US board of directors led Binance to withdraw from the US market and pay a hefty $4.3 billion fine for anti-money laundering violations.

Refusing to travel outside the United States continues to worsen Changpeng ‘CZ’ Zhao’s legal troubles. The decision highlights concerns about flight risk and adds complexity to Zhao’s legal story, which includes a guilty plea to anti-money laundering charges and an impending sentencing. While Zhao addresses these challenges, the future of Binance and his standing in the cryptocurrency community remain uncertain.