Binance Founder's Request to Travel to UAE Rejected Despite $4.5B Security Offer

Changpeng 'CZ' Zhao, facing sentencing for anti-money laundering violations, must remain in the U.S., rules judge.

Changpeng 'CZ' Zhao, the founder of Binance, had his request to travel to the UAE rejected by a U.S. judge, despite offering his $4.5 billion Binance US equity as security for his return.
Zhao's lawyers requested in December 2023 that he be allowed to travel to the UAE for the 'hospitalization and surgery' of an unnamed individual in Abu Dhabi.
Zhao pleaded guilty in November 2023 to charges of failing to maintain an effective anti-money laundering program at the crypto exchange, and agreed to step down as CEO of Binance as part of a settlement with the U.S. Department of Justice.
Zhao faces between 10 and 18 months in prison under federal sentencing guidelines. As part of the settlement, Binance was required to exit the U.S. market and pay $4.3 billion in penalties for AML and sanctions violations.
In December 2023, a federal judge ruled that Zhao must remain in the U.S. pending his sentencing, citing his 'enormous wealth and property abroad,' and lack of ties to the United States.