Binance’s Former CEO, Changpeng Zhao, sought approval to use his multibillion-dollar stake in Binance.US as collateral for temporary travel to the United Arab Emirates, as revealed in a recently unsealed court document dated January 24.
In the disclosed December 22 letter to Judge Richard Jones, Zhao’s legal team outlined his offer to pledge equity in Binance.US, valued at $4.5 billion based on a funding round from two years ago. The purpose of Zhao’s intended travel was to visit a friend or family member undergoing surgery and recovery in a UAE hospital for a period of up to four weeks in early January.
However, the letter highlighted that federal prosecutors opposed the request, leading to Judge Richard Jones’ denial during a closed-door hearing on December 29, as indicated in court records.
Zhao, who pleaded guilty to money laundering on November 21, is presently released on a $175 million bond in the United States. He faces a potential prison sentence of up to 18 months, having agreed not to appeal any sentence within that range.
