Changpeng Zhao’s $4.5 Billion Security Offer Rejected, Preventing UAE Travel

Binance Founder’s $4.5 Billion Security Offer Denied by US Federal Judge

In a recent court ruling, Changpeng Zhao, the founder of Binance, had his request to travel to the UAE denied by a US federal judge. Zhao had offered $4.5 billion in equity as security for his travel request, but this desperate attempt to modify the request was unsuccessful.

Zhao, who had pleaded guilty to failing to maintain an effective anti-money laundering program at Binance, remains free in the US on a $175 million release bond. However, his request to travel to Abu Dhabi for a period of 1-4 weeks was rejected. The purpose of his travel was to be present during the hospitalization, surgery, and recovery of an individual whose name has been redacted in the court documents.

The denial of Zhao’s travel request comes amidst the ongoing SEC vs. Binance lawsuit. During a recent court hearing, Binance’s legal representative faced criticism from the federal judge regarding attempts to dismiss the SEC’s complaint. The SEC argues that Binance’s trading of crypto assets falls under its regulatory oversight and accuses the exchange of various violations. Binance, on the other hand, argues that the SEC is sending conflicting signals to the crypto industry.

As legal battles continue, Binance and its former CEO are facing increased scrutiny. Despite offering a substantial equity as security, Zhao’s travel request was ultimately denied.