In a legal setback echoing the corridors of power, the former CEO of Binance, Changpeng Zhao, fondly known as CZ, faces a snag in his pursuit to return to the UAE. A federal judge in the United States, presiding over his awaiting sentencing for anti-money laundering lapses, has barred Zhao’s travel despite a colossal $4.5 billion equity offer from the cryptocurrency giant Binance.
The high-stakes drama unfolds against the backdrop of Zhao’s desire to revisit the UAE, where he acquired a residence in 2021. His earnest plea, backed by the substantial collateral in Binance equity, aimed at allowing him to be by the side of a close associate undergoing surgery. Multiple reports from esteemed US publications shed light on this poignant appeal.
This recent plea follows a prior attempt last month, which met a similar fate at the hands of Judge Richard Jones. In a written declaration, Judge Jones underscored the “enormous wealth abroad” held by Zhao and pointedly noted the absence of substantial ties to the United States in his decision.
The judge’s categorical statement read, “Under these circumstances, the Court finds that the defendant has not established by clear and convincing evidence that he is not likely to flee if he returns to the UAE.” The denial reflects the intricate legal tussle surrounding the fallen cryptocurrency magnate, painting a vivid picture of the complexities in his journey from glory to legal scrutiny.
