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Binance’s former CEO CZ tried to offer his shares as a guarantee for a trip to the UAE, but it didn’t work out.

  • The court rejected the former Binance CEO’s request to travel with his financial interest.
  • Zhao’s request to use his $4. 5 billion stake in Binance. US as collateral was turned down.
  • The judge stops Changpeng Zhao from leaving the US.

Recently in court, Changpeng Zhao, the ex-CEO of Binance, tried to use his Binance. US shares as a promise to be allowed to travel to the United Arab Emirates, but it didn’t work.

Newly released court papers have revealed new information about Zhao’s ongoing legal case. The court document revealed a secret letter sent to Judge Richard Jones by Zhao’s lawyers.

CZ Binance promises to invest billions of dollars.

The letter said that Changpeng Zhao used his ownership in Binance. US as a promise to be allowed to travel to the UAE for a little while. The company’s worth was estimated at $4. 5 billion after it received a large amount of money two years ago.

Zhao wanted to make sure he could leave the United States for a while, even though he was dealing with legal problems.

Judge said no to travel request

But, the court documents show that the judge said no to Zhao’s request in a private meeting. The reasons for the denial were not clearly explained in the information we have. However, this choice stopped Zhao from leaving the United States until he was supposed to go to court on February 23.

Zhao’s trouble with the law.

Changpeng Zhao is in legal trouble because he admitted to money laundering. Right now, he is not in jail in the United States and is waiting for his punishment. He had to pay $175 million to be able to stay out of jail for now. As part of the deal, Zhao has agreed not to protest if he is sentenced to up to 18 months in prison.

This situation has gotten a lot of attention because it could affect the cryptocurrency industry, and Zhao used to be the CEO of Binance, which is a big deal.

The judge is worried and has put limits on travel in the past.

Judge Jones was worried that Zhao might try to run away because he has a lot of money and connections in other countries. The judge said no to Zhao’s request to travel, and before that, he also told Zhao to stay in the United States.

These actions were taken because Zhao has a lot of money and property in other countries, as mentioned in the court papers.

Warning: This is not advice on buying or selling stocks.

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