In a recent court filing, it has been revealed that former Binance CEO Changpeng Zhao is attempting to use his substantial Binance.US shares, valued at $4.5 billion, as collateral to gain permission for a temporary visit to the United Arab Emirates. The filing, dated January 24, disclosed a previously sealed letter from Zhao's legal team to Judge Richard Jones on December 22, outlining the offer of his stake in Binance.US for financing over a two-year period.
The court documents explained that Zhao's intended visit to the UAE in early January, lasting up to four weeks, was to be with friends or family members who had undergone surgery and were hospitalized. However, federal prosecutors opposed this request, leading Judge Richard Jones to deny it during a closed hearing on December 29. Zhao, who pleaded guilty to money laundering charges on November 21, is currently on $175 million bail in the United States, facing a potential 18-month prison sentence.
Details of the unsealed letter, although partially redacted, allude to individuals who underwent surgery and the nature of the procedures, along with other sensitive and personal information. Judge Jones had previously restricted Zhao from traveling to the UAE due to his "significant wealth and property abroad," raising concerns that he might flee if allowed to return.
The court order mandates Zhao to remain in the United States until his sentencing on February 23. The former Binance CEO's current whereabouts within the country are unknown, and his activity on social media platform X has been limited, with his last post dated December 6, 2023. Zhao resigned as Binance CEO in November 2022 and entered a guilty plea for operating an unlicensed money transfer business, coupled with violations of the Bank Secrecy Act, resulting in a $4.3 billion settlement with U.S. regulators.
