UPDATE: Former Binance CEO BLOCKED From Returning Home Despite Security Offer

January 25, 2024 3:16 pm Comments

Newly surfaced documents indicate that former Binance CEO Changpeng Zhao was blocked from returning home, despite making a show of good faith to the government.

A U.S. judge will not allow Zhao to travel back home to the United Arab Emirates (UAE) despite making the government a secure offer.

According to the documents, Zhao offered to pledge his shares of Binance, valued at roughly $4.5 billion, as insurance that he would return to face trial. Of course, his offer was flatly denied.

ProCoin News previously reported that Zhao attempted to petition the court several times for the right to return home, yet every request has been denied.

This begs the question, if the U.S. government won’t let Zhao leave despite the offer, what do they have in store for him? Are they intent on jailing him? Moreover, does Zhao understand this? Why else would he make such a wild offer? Here’s what is currently being reported:

According to Decrypt:

According to a court filing this week, Zhao’s lawyers requested in December 2023 that he be allowed to travel to the UAE, so that he could be present for the “hospitalization and surgery” of an unnamed individual in Abu Dhabi.

Whalewire writes: “He’s begging the courts for the 4th time to let him travel to the UAE before he’s sentenced. This time, he says it’s due to a family member’s scheduled surgery.

CZ is also offering to pledge his entire equity in Binance US for assurance he’ll return, which he claims is worth over $4.5B. He knows very well this equity is worthless since it’s all backed by fraud and wash trading. I guarantee that if he ever steps a foot out of the US, he will never be seen again.”

Coin Paprika added:

After Zhao admitted to money laundering in 2023, he remitted a $175 million bond as bail to stay free till February during his trial. He could face up to 18 months in jail and can’t appeal if his sentence is within this limit.

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