Former Binance CEO Changpeng Zhao, also known as “CZ,” was indicted by the U.S. government last summer, as were his companies Binance and Binance.US.
CZ wants to visit his family abroad, but the judge won’t allow him to leave the United States while he awaits trial.
The former CEO of the world’s largest crypto exchange recently tried to leave the country by offering his vast billion-dollar fortune as collateral.


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The crypto CEO’s billions are not enough to leave
This is according to a legal document filed last week in Washington state court. Zhao’s lawyers explain that CZ asked the judge in December fly to Abu Dhabi. His child is in the hospital and needs surgery.
However, the judge then announced that he was not allowed to fly abroad for this reason. According to the new documents, the ex-CEO even suggested offering his Binance shares, worth up to $4.5 billion, as collateral so he could leave the US.
But the judge did not accept this. The share value of $4.5 billion is said to be based on a financing round two years ago.
Binance CEO Changpeng Zhao must await trial
Last November, Binance and the U.S. Department of Justice agreed to a settlement that resulted in Binance having to pay a $4.3 billion fine and Zhao having to resign from his position as CEO of Binance. The company is also no longer allowed to offer its services in the USA.
The former CEO pleaded guilty in November to failing to comply with appropriate anti-money laundering measures. The fine and withdrawal are already known aspects of the settlement, but the case has yet to be concluded. Because he has “enormous assets abroad,” he is not allowed to leave the judge’s country. Nevertheless, American prosecutors concluded that, despite this aspect, he did not pose a flight risk. Apparently that’s not enough for the judge, nor is the enormous down payment.
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