UPDATE: Former Binance CEO BLOCKED From Returning Home Despite Security Offer
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January 25, 2024 3:16 pm
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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.
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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:
Binance CEO Changpeng Zhao wants to be allowed to travel back home to the UAE before he's sentenced due to a family member's scheduled surgery. He's offered to pledge all his equity in Binance US (~$4.5B) for assurance he'll return. pic.twitter.com/za7Lk1SYA9
— Molly White (@molly0xFFF) January 24, 2024
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.”
Binance CEO Changpeng Zhao is desperately trying to evade authorities and vanish amid the investigation into his massive fraud scheme.
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… pic.twitter.com/JAiR3UTVr3
— WhaleWire (@WhaleWire) January 25, 2024
Former Binance CEO Changpeng Zhao offered his $4.5B stake in BinanceUS as travel collateral.
The proposal for a UAE trip was denied by US prosecutors. pic.twitter.com/eMR9Tfz6F5
— Satoshi Club (@esatoshiclub) January 25, 2024
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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