{"id":69779,"date":"2024-01-25T03:36:56","date_gmt":"2024-01-25T07:36:56","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=69779"},"modified":"2024-01-25T03:37:35","modified_gmt":"2024-01-25T07:37:35","slug":"former-binance-ceo-czs-attempt-to-travel-to-uae-denied","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/former-binance-ceo-czs-attempt-to-travel-to-uae-denied\/","title":{"rendered":"Former Binance CEO CZ’s Attempt to Travel to UAE Denied"},"content":{"rendered":"\n

Changpeng ‘CZ' Zhao,\u00a0founder and former CEO\u00a0of Binance, encounters\u00a0travel rejection, adding legal complications to his guilty plea<\/a> to anti-money laundering.<\/p>\n\n\n\n

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A U.S. federal judge recently denied the petition of Binance founder Changpeng “CZ” Zhao to travel <\/a>to the United Arab Emirates in the event of a family emergency, which represented a significant legal setback.<\/p>\n\n\n\n

Zhao's proposal was rejected despite the provision of $4.5 billion in Binance equity as security, which was valued at the exchange's time two years ago.<\/p>\n\n\n\n

Meanwhile, the court's ruling introduces an additional level to the legal complexities on Zhao, who recently entered a guilty plea for deficiencies in the anti-money laundering (AML) initiative of Binance.<\/p>\n\n\n\n

Binance Ex-CEO Changpeng ‘CZ' Zhao's UAE Trip Cancelled<\/h2>\n\n\n\n

According to a recent filing\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, The UAE has denied travel authorization for Binance founder and former CEO Changpeng ‘CZ' Zhao to attend to the “hospitalization and surgery” of a close relative.<\/p>\n\n\n\n

In addition, the filing revealed that a federal judge denied his request to travel to the United Arab Emirates for personal reasons, despite his plea and a $4.5 billion offer in Binance equity.<\/p>\n\n\n\n

The equity's valuation was significantly predicated on Binance's fundraising activities from a decade ago, as detailed in a December 22 letter to Judge Richard Jones.<\/p>\n\n\n\n

However, February 23 is the sentencing date for Changpeng ‘CZ' Zhao, who resigned as Binance CEO after pleading guilty to deficiencies in the anti-money laundering program.<\/p>\n\n\n\n

CZ is still free in the United States<\/a> on a $175 million release bond, despite incurring a $4.3 billion penalty on Binance for the same offense in November 2023.<\/p>\n\n\n\n

Meanwhile, Jones' rejection of Zhao's trip request is not the first, given the developments since December 2023.<\/p>\n\n\n\n

Notably, in early December, the judge emphasized the “enormous wealth” of the entrepreneur, which constituted a substantial escape risk due to his substantial overseas assets and family ties in the UAE.<\/p>\n\n\n\n