Benzinga - Changpeng Zhao, the founder of cryptocurrency exchange Binance, faced a refusal from a federal judge last month to travel to the United Arab Emirates, despite offering a $4.5 billion equity as a guarantee for his return to the United States, reveals a new filing.
What Happened: This equity value is tied to Binance’s last fundraising event, as stated by Zhao’s legal representatives in a December letter to Judge Richard Jones.
Zhao, who pleaded guilty to charges regarding Binance’s anti-money laundering safeguards in November, remains in the U.S. with his sentencing scheduled for February 23. He was previously released on bail set at $175 million.
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Why It Matters: His lawyers’ request for him to be in Abu Dhabi from January 4 for a few weeks due to the medical needs of an unnamed person was unapproved, even though federal prosecutors did not agree to this travel plan. The specifics of the medical issue were not disclosed in the court filing.
After a private hearing on December 29, Judge Jones determined that Zhao did not convincingly show that he wouldn’t abscond if allowed to leave the U.S., especially given his substantial wealth and the fact that his family lives in the UAE. “The defendant has enormous wealth and property abroad, and no ties to the United States. His family resides in the UAE, and it appears that he has favored status in the UAE,” Jones explained, deeming Zhao a considerable flight risk.
Photo Courtesy: Wikimedia Commons
Price Action: At the time of writing, Bitcoin (CRYPTO: BTC) was trading at $39,699 down 3.08% in the last 24 hours, according to Benzinga Pro.
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