Binance founder Changpeng “CZ” Zhao encountered a legal setback as a U.S. federal judge denied his request to travel to the United Arab Emirates for a family emergency. Despite offering $4.5 billion in Binance equity as security, based on the exchange’s valuation from two years ago, Zhao’s bid was denied.
Meanwhile, the court’s decision adds another layer to the legal challenges surrounding Zhao, who recently pleaded guilty to failures in Binance’s anti-money laundering (AML) program.
Binance Ex-CEO Changpeng ‘CZ’ Zhao’s UAE Travel Plan Cancelled
According to a recent filing, Binance founder and ex-CEO Changpeng ‘CZ’ Zhao’s travel request to UAE for a “hospitalization and surgery” of a person who is close to him has been denied. Despite his plea and a $4.5 billion offer in Binance equity, a federal judge rejected his request to travel to the United Arab Emirates for personal reasons, the filing showed. Notably, the equity’s valuation was based on…