Binance Founder Denied Travel Request by US Federal Judge
Binance founder Changpeng “CZ” Zhao’s request to travel to the United Arab Emirates (UAE) for personal reasons has been denied by a US federal judge, according to court documents. Zhao had filed the request in relation to the hospitalization and surgery of an individual close to him, offering his Binance equity as security for his return. However, Zhao had previously pleaded guilty to failing to maintain an effective anti-money laundering program at Binance and is awaiting sentencing. This is the second time Judge Richard Jones has denied Zhao’s travel request, citing his significant wealth and lack of ties to the US as potential flight risks.
Zhao’s Requested Travel Duration and Purpose
In a letter to Judge Jones, Zhao’s lawyers requested permission for him to travel to Abu Dhabi for one to four weeks starting from January 4. The purpose of the trip was to support someone undergoing medical treatment, although specific details were redacted from the letter. If unable to stay in the UAE for the full duration, Zhao requested permission to return home for the surgery and initial recovery period from January 4 to January 11.
Judge Denies Travel Request Due to Flight Risk Concerns
Despite Zhao’s offer of using his Binance equity as security, federal prosecutors did not consent to his travel request, leading Judge Jones to deny it in a closed hearing on December 29. The judge cited Zhao’s considerable wealth and lack of ties to the US as factors contributing to his potential flight risk. In his ruling, Judge Jones stated that Zhao had not provided clear and convincing evidence that he would not flee if he returned to the UAE.
Hot Take: Binance’s Zhao Faces Travel Constraints
The request by Binance founder Changpeng Zhao to travel to the UAE for personal reasons has been denied by a US federal judge. This decision comes as Zhao awaits sentencing for failing to maintain an effective anti-money laundering program at Binance. The judge cited Zhao’s wealth and lack of ties to the US as concerns regarding his potential flight risk. Despite offering his Binance equity as security, Zhao’s travel bid was denied in a closed hearing. This marks the second time that Zhao’s travel request has been denied by the judge.
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