Binance Founder's Travel Plea Denied despite $4.5 Billion Security Offer

<p>A
federal judge rejected a travel request from the Founder of Binance, Changpeng
"CZ" Zhao, to visit his home in the United Arab Emirates for the
"hospitalization and surgery" of an undisclosed individual. This
decision comes despite Zhao offering to post his Binance equity, valued at $4.5
billion, as security for his return to the United States.</p><p>A
November Admission in Seattle Federal Court</p><p>In
November, Zhao pleaded guilty in a Seattle federal court to failing to maintain
an effective anti-money laundering program at Binance. As part of the case,
Binance agreed to pay $4.3 billion in penalties. Zhao, who stepped down as the CEO
due to his plea, is scheduled to be sentenced on February 23, remaining free in
the US on a $175 million release bond.</p><p>In
a letter dated December 22 to Judge Richard Jones, Zhao's lawyers requested
permission for him to travel to Abu Dhabi on January 4 for a period of one to
four weeks. The purpose of the travel was to be present for the
hospitalization, surgery, and subsequent recovery period of an individual whose
identity remains redacted. However, federal prosecutors did not consent to
Zhao's request.</p><blockquote><p lang="en" dir="ltr"><a href="https://twitter.com/binance?ref_src=twsrc%5Etfw">@binance</a> founder <a href="https://twitter.com/cz_binance?ref_src=twsrc%5Etfw">@cz_binance</a> 'CZ' Zhao denied travel amid anti-money laundering plea, facing legal obstacles.