Binance’s Zhao offers Binance US stake for UAE trip
Key Takeaways
- Changpeng Zhao attempted to use his Binance.US shares as collateral for a temporary trip to the UAE.
- Zhao, who is facing legal issues in the United States, is currently scheduled to remain in the country until sentencing in February.
- Zhao’s motion was ultimately rejected by the court, highlighting the complexity of his ongoing legal battle.
Zhao ChangfengBinance’s former CEO recently made headlines with undisclosed court documents exposing his attempts. A brief return to the United Arab Emirates, leveraging Binance.US’ multibillion-dollar stake..
court documentsReleased on January 24thIt shows Zhao’s proposal detailed in a Dec. 22 letter to Judge Richard Jones.
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This movement was part of Zhao’s efforts to travel around the UAE for up to four weeks Visit a family member or friend who is having surgery in early January.
However, federal prosecutors You have not approved this requestJudge Jones later denied this in a closed hearing on December 29. The contents of the letter, which are still partially redacted, protect sensitive information, including personal and surgical details.
Zhao is currently free on $175 million bond in the U.S. after pleading guilty to money laundering charges on November 21. Can face up to 18 months in prison. he agreed Do not appeal any sentence within this period..
Judge Jones previously blocked Zhao’s trip to the UAE on the grounds that his considerable international wealth and assets made him a flight risk.
The former Binance president resigned in November 2022 amid a $4.3 billion settlement with U.S. regulators. He pleaded guilty to operating an unlicensed money transfer business and violating the Bank Secrecy Act..
Zhao’s whereabouts in the United States remain uncertainand he Low profile on social media From December 6, 2023.
Zhao’s efforts to use his significant Binance.US stake as a bargaining chip for temporary travel highlights the complexities and personal difficulties he faces amid the ongoing legal battle in the United States. The cryptocurrency world is watching with great interest as his February 23 sentencing approaches.
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