Close Menu
    Facebook LinkedIn YouTube Instagram X (Twitter)
    Blue Tech Wave Media
    Facebook LinkedIn YouTube Instagram X (Twitter)
    • Home
    • Leadership Alliance
    • Exclusives
    • Internet Governance
      • Regulation
      • Governance Bodies
      • Emerging Tech
    • IT Infrastructure
      • Networking
      • Cloud
      • Data Centres
    • Company Stories
      • Profiles
      • Startups
      • Tech Titans
      • Partner Content
    • Others
      • Fintech
        • Blockchain
        • Payments
        • Regulation
      • Tech Trends
        • AI
        • AR/VR
        • IoT
      • Video / Podcast
    Blue Tech Wave Media
    Home » Judge denies UAE travel for Binance’s CZ, despite $4.5 billion offer
    CZ
    CZ
    Blockchain

    Judge denies UAE travel for Binance’s CZ, despite $4.5 billion offer

    By Sylvia ShenJanuary 25, 2024Updated:January 25, 2024No Comments3 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email
    • A federal judge denied CZ’s entry into the United Arab Emirates for the “hospitalization and surgery” of a person in his life.
    • In theory, CZ could potentially receive a maximum prison sentence of ten years.
    • According to a recent criminal court document, CZ has offered to put his $4.5 billion in Binance ownership as security for his return to the United States.

    A judge has denied a request by Binance founder Changpeng Zhao, also known as ‘CZ’, to travel to the UAE, despite an offer of $4.5 billion in Binance equity.

    According to a recent court document, the crypto exchange founder, who is awaiting sentencing in the US for his guilty plea to money laundering and other charges last month, offered to use his Binance equity as collateral for his return to the United States, totalling $4.5 billion. However, the federal judge last month denied his request to travel to his home in the United Arab Emirates to attend the “hospitalization and surgery” of a person in his life.

    Guilty plea and sentencing details

    The founder of the world’s largest cryptocurrency exchange pleaded guilty to the failure to implement anti-money laundering rules and violations of U.S. sanctions. CZ agreed to post a $175 million bail, securing it with $15 million in cash held in trust to ensure his attendance throughout the sentencing process.

    CZ’s sentencing is set for February 23, 2024. As per the plea agreement, CZ stepped down as CEO of Binance. He is facing a maximum of ten years in prison. In addition, Binance acknowledged guilt and committed to paying forfeitures and penalties amounting to $4.3 billion. The company is also contending with lawsuits from investors seeking the return of their billions, making this a critical period for one of the industry’s giants.

    Also read: CZ quits as Binance CEO after $4.3 billion fine for money laundering

    Travel denial amid legal challenges

    In a letter sent last month, CZ’s lawyer requested Judge Jones to permit him to fly to Abu Dhabi on January 4 for a duration of one to four weeks. This would enable him to attend the patient’s hospitalization, surgery, and post-operative recovery. The letter’s copy, filed on Wednesday, has the patient’s name redacted.

    The letter, which highlighted that federal prosecutors had not approved CZ’s request, contained redacted details regarding the medical treatment. Judge Jones conducted a closed hearing on December 29 and dismissed CZ’s travel request.

    Also read: Binance, SEC argue about regulator oversight of cryptocurrencies

    Judge expresses significant flight risk

    Another request by CZ to visit the United Arab Emirates was denied by Judge Jones earlier in December, his legal team arguing that the reason involved “media information regarding Mr. Zhao’s child.” The judge asserted that CZ posed a significant flight risk due to his “enormous wealth.” His significant wealth and family ties to the UAE were key factors in the judge’s decision.

    “The defendant has enormous wealth and property abroad, and no ties to the United States. His family resides in the UAE, and it appears that he has favored status there. Under these circumstances, the Court finds that the defendant has not established, by clear and convincing evidence, that he is not likely to flee if he returns to the UAE,” stated Judge Jones on December 7.

    binance CZ Finance
    Sylvia Shen

    Sylvia Shen is an editorial assistant at Blue Tech Wave specialising in Fintech and Blockchain. She graduated from the University of California, Davis. Send tips to s.shen@btw.media.

    Related Posts

    Interview with Ram Kumar, Cofounder of OpenLedger: Harnessing the $25M funding to shape the future of decentralized AI in China

    July 14, 2025

    $400M cold wallet seized by US Secret Service in scam probe

    July 7, 2025

    Vitalik Buterin proposes EIP-7983 to cap Ethereum transaction gas

    July 7, 2025
    Add A Comment
    Leave A Reply Cancel Reply

    CATEGORIES
    Archives
    • July 2025
    • June 2025
    • May 2025
    • April 2025
    • March 2025
    • February 2025
    • January 2025
    • December 2024
    • November 2024
    • October 2024
    • September 2024
    • August 2024
    • July 2024
    • June 2024
    • May 2024
    • April 2024
    • March 2024
    • February 2024
    • January 2024
    • December 2023
    • November 2023
    • October 2023
    • September 2023
    • August 2023
    • July 2023

    Blue Tech Wave (BTW.Media) is a future-facing tech media brand delivering sharp insights, trendspotting, and bold storytelling across digital, social, and video. We translate complexity into clarity—so you’re always ahead of the curve.

    BTW
    • About BTW
    • Contact Us
    • Join Our Team
    TERMS
    • Privacy Policy
    • Cookie Policy
    • Terms of Use
    Facebook X (Twitter) Instagram YouTube LinkedIn

    Type above and press Enter to search. Press Esc to cancel.