UAE Travel Bail Offer of $4.5 Billion by Changpeng Zhao Turned Down

Binance Founder’s Travel Request Denied Despite Offering $4.5 Billion in Collateral

Despite offering $4.5 billion in equity as collateral, Binance founder Changpeng Zhao (CZ) was denied permission to travel to the UAE. The request was denied by a judge who expressed concerns about CZ’s flight risk and the sensitive nature of the information involved. This development comes amidst the ongoing legal battle between Binance and the SEC.

Changpeng Zhao, also known as CZ, is the Founder and CEO of Binance, the world’s largest cryptocurrency exchange. He has made significant contributions to the platform’s success since its inception in 2017. CZ also launched Binance Smart Chain, a blockchain network that has greatly contributed to the development of the decentralized finance ecosystem. In addition, he launched Binance’s US affiliate, Binance.US, in 2019.

CZ, a Chinese-Canadian business executive, is ranked as the 113th richest person in the world as of 2022. He has a background in trading systems and has previously founded Fusion Systems, known for its high-frequency trading systems. CZ has also played key roles in the development of Blockchain.info and OKCoin, a secure cryptocurrency exchange platform.

In his attempt to travel to the UAE, CZ offered an unprecedented $4.5 billion in equity as collateral. However, a US federal judge firmly denied the request, citing concerns about CZ’s flight risk and the sensitive information involved. This denial comes at a time when CZ is facing legal challenges and remains on US soil under a $175 million release bond, with his sentencing scheduled for February 23.

The denial of CZ’s travel request adds to the drama surrounding the ongoing SEC vs. Binance courtroom confrontation. The SEC has accused Binance of inflating trading volumes, diverting funds, and facilitating unregistered securities trading. Binance has argued that the SEC’s regulatory oversight is conflicting and has posted a $4.3 billion settlement with the Department of Justice in November.

The denial of CZ’s billion-dollar gamble raises questions about whether justice was served in this case. The legal battle between Binance and the SEC continues, with both sides presenting their arguments in court.

Tags: Binance