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Binance CZ’S $4.5B equity offer fails to secure urgent UAE visit again

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Former Binance CEO Changpeng Zhao faced a legal setback in his efforts to obtain permission to travel to the United Arab Emirates.

Former Binance CEO Changpeng Zhao, also known as CZ, faced a legal setback in his efforts to obtain permission to travel to the United Arab Emirates for the second time.

Despite offering $4.5 billion in Binance equity as collateral, a federal judge denied his request, limiting his ability to visit a close associate who is hospitalized and undergoing surgery.

Court documents filed on Wednesday revealed that CZ’s legal team wrote to Judge Richard Jones on December 22, emphasizing the urgency of the situation.

The letter emphasized CZ’s critical need to be present during the hospitalization and surgery of someone close to him.

To alleviate any concerns about his return to the United States, CZ proposed using his significant Binance equity, worth $4.5 billion, as security.

CZ previously pleaded guilty in a Seattle federal court in November to failing to maintain an effective anti-money laundering program at Binance, the world’s largest crypto exchange.

Following his guilty plea, he resigned as CEO, and his sentencing is set for February 23. Despite his guilty plea, CZ has remained free in the United States on a $175 million release bond.

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Mohammad Ali is a fintech and cryptocurrency writer who has been covering the intersection of finance and technology for several years. Ali has a deep understanding of the financial industry and the ways in which technology is changing it, with a special focus on the rise of digital currencies and blockchain technology.