A U.S. federal judge rejected Changpeng ‘CZ’ Zhao’s request to travel back to the United Arab Emirates last month, despite the Binance founder and ex-CEO proposing to provide his $4.5 billion Binance.US stake as assurance that he would return for his sentencing.
Why CZ Offered To Post His Entire Binance Stake
A U.S. court shot down CZ’s request to return to the UAE for up to four weeks in early January despite offering his multibillion-dollar stake as security.
As per a court filing this week, Changpeng’s counsel requested in December 2023 that he be permitted to travel to Abu Dhabi so that he could be present for the “hospitalization and surgery” of an unnamed friend or family member.
To ensure his timely return to the U.S., CZ offered a “significant additional property and financial security,” which included his equity from Binance.US valued at “$4.5 billion in the last round of fundraising 2 years ago”.
The request…