Changpeng Zhao, the former CEO of Binance, recently made headlines with an unsealed court filing that revealed his attempt to leverage his multibillion-dollar stake in Binance.US for a brief return to the United Arab Emirates.
The court document, unveiled on January 24th, showcases Zhao's proposition, detailed in a December 22nd letter to Judge Richard Jones.
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This move was part of Zhao's effort to travel to the UAE for up to four weeks in early January to visit a family member or friend undergoing surgery.
However, federal prosecutors did not endorse this request, and subsequently, Judge Jones denied it in a closed-door hearing on December 29th. The letter's contents, still partially redacted, shield sensitive information, including details about the person and the surgery.
Zhao, currently free on a $175 million bond in the United States following his November 21st guilty plea to money laundering charges, faces up to 18 months in prison. He has agreed not to appeal any sentence within this duration.
Judge Jones had earlier impeded Zhao's travel to the UAE, citing his substantial international wealth and property as significant flight risks.
The former Binance boss, who stepped down in November 2022 amid a $4.3 billion settlement with US regulators, admitted to running an unlicensed money-transmitting business and breaching the Bank Secrecy Act.
Zhao's whereabouts within the United States remain uncertain, and he has maintained a low profile on social media since December 6th, 2023.
Zhao's effort to use his substantial Binance.US stake as a bargaining chip for temporary travel underscores the complexities and personal challenges he faces amidst the ongoing legal battles in the US. As his February 23rd sentencing approaches, the cryptocurrency world watches with keen interest.
