Changpeng Zhao, the former CEO of Binance, encountered a Big legal setback as a federal judge emphatically rejected his plea to travel to the United Arab Emirates. Zhao desired to be with a family member undergoing surgery, offering $4.5 billion in Binance equity as bail security.
After Zhao pleaded guilty to the charges concerning weaknesses in anti-money laundering measures at Binance, the situation became even more complicated. The severity of the case is reflected in the agreement between the companies, which states that they will pay a total of $4.3 billion as penalties.
Furthermore, Zhao’s role transition from the CEO adds another dimension to the story. In December, his request detailed a one to the four-week travel period. Even given the vital personal character of this call, however, the court continued to be indifferent. Among the reasons Judge Jones highlighted include Zhao’s financial standing in addition to his lack of any US connections.
The…