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CZ Seeks to Stake $4.5 Billion – Zhao’s Travel Request Denied Amidst Money Laundering Case
CZ Seeks to Stake $4.5 Billion- In the latest legal development, former Binance CEO Changpeng Zhao’s attempt to use his Binance US shares, valued at $4.5 billion, as security for travel to the UAE has been denied. The revelation emerged from a court filing on January 24, where Zhao sought permission to visit a family member undergoing surgery in the UAE.
However, prosecutors opposed the travel request, leading to its denial by the judge on December 29.
In 2023, Zhao admitted to money laundering and posted a $175 million bond as bail, allowing him to remain free until February during his trial. With a potential sentence of up to 18 months, Zhao faces limitations on the appeal process if the sentence falls within this specified range.
CZ Seeks to Stake $4.5 Billion- Privacy Measures in Legal Proceedings for Zhao’s Travel Request
Amidst legal proceedings, certain letters from Changpeng Zhao to the court remain sealed, safeguarding private details such as the name of his family member undergoing surgery and the nature of the surgical procedure. Judge Jones had previously intervened to prevent Zhao from traveling to the UAE, expressing concerns about potential flight risks. Consequently, Zhao is required to remain in the U.S. until his sentencing scheduled for February 23.
#CZ's request to use his $4.5 billion #BinanceUS stake for a brief #UAE trip was denied amid legal troubles and a potential 18-month #prison sentence for #moneylaundering.
— Unlock Blockchain (@unlockbc) January 25, 2024
Read more 🔗 https://t.co/qlMOLPD3RZ#Crypto #UnlockBlockchain #CryptoNews #CZ #Binance #LegalChallenges pic.twitter.com/3SlyQbzu9q
CZ Seeks to Stake $4.5 Billion- Notably, Zhao, who is currently inactive on social media, resigned as Binance CEO following a settlement with U.S. regulators. In the settlement, he admitted to operating an unlicensed business and violating financial laws, marking a significant development in his professional and legal journey.
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