Former Binance CEO Zhao's request was blocked

New documents from the ongoing court in the USA revealed that the demands of Binance founder Changpeng Zhao, who left his position as CEO, were not approved.

According to court filings dated January 24, Zhao's lawyers offered to provide shares of the Binance.US exchange as collateral so that the famous name could travel to the United Arab Emirates, in a document submitted to the trial judge, Judge Richard Jones . The court rejected the proposal made by CZ's lawyers and decided to continue the ban on traveling abroad.

Binance founder Zhao, who is on trial in the USA, requested security to visit his family member residing in the United Arab Emirates for four weeks. In their decision dated December 29, 2023, federal prosecutors did not give the green light to CZ's temporary travel request.

For what reason is CZ being tried?

In the last months of the year, Binance exchange agreed to pay a penalty of $ 4.4 billion within the scope of the agreement it made with US institutions. In this process, founder Changpeng Zhao resigned and personally sacrificed $50 million. Although the dark clouds over the local subsidiary Binance.US have dispersed during the ongoing trial process, the founder's judicial process continues.

Zhao, who pleaded guilty to money laundering, paid a bail of $175 million to the court in order to have a free trial, except for the terms of the agreement. The giant stock exchange founder faces the risk of up to 18 months in prison.