Binance founder Changpeng ‘CZ’ Zhao is facing legal obstacles as a US federal judge has rejected his request to travel to the UAE. This comes despite offering $4.5 billion in Binance equity as security and pleading for the trip due to a family emergency.
The denial of Zhao’s travel request is based on concerns about potential flight risks, as he has substantial wealth abroad and minimal ties to the United States. This decision adds another layer of complexity to his ongoing legal saga, which includes a guilty plea to anti-money laundering charges and an impending sentencing.
Scheduled for February, Zhao’s sentencing could result in a 10 to 18-month prison term under federal guidelines. His guilty plea and resignation from the Binance US board have also led to Binance’s exit from the US market and a hefty $4.3 billion penalty for anti-money laundering violations.
The rejection of Zhao’s travel request and the ongoing legal challenges highlight the uncertainty surrounding the future of Binance and Zhao’s reputation in the cryptocurrency community. As he navigates these challenges, it remains to be seen what the ultimate outcome will be for CZ and Binance.