Changpeng Zhao Permission To A Sick UAE Visits Sick Relatives, Court Immediately Rejects Request From Former Binance Boss

Binance founder and former CEO, Changpeng Zhao. (Photo; Doc. Arzdigital)

Changpeng Zhao, founder and former CEO of Binance, the world's largest crypto exchange, failed to get permission to travel to the United Arab Emirates (UAE) despite offering guarantees in the form of billions of dollars worth of Binance shares. Zhao, who pleaded guilty to money laundering charges in the US, intends to visit someone who is sick in the UAE, but his petition was rejected by the judge.

The figure known as CZ is one of the most influential figures in the crypto world. He founded Binance in 2017 and developed it to become the largest crypto exchange in the world based on trading volume. According to the Bloomberg Billionaires Index, Zhao's net worth is estimated at USD 23 billion (around IDR 362 trillion) in November 2023.

However, Zhao is also facing various legal issues in a number of countries, including the US. In November 2023, Zhao pleaded guilty in Seattle federal court on charges of failing to run an effective anti-money laundering program in Binance. Finally, the exchange agreed to pay a fine of $4.3 billion (approximately IDR 67.8 trillion) related to this case.

Then Zhao resigned from the position of CEO of Binance. Now the position is filled by Richard Teng, who previously served as the company's finance director at the Monetary Authority of Singapore (MAS) and occupies the position of Chief Regulatory Officer at the Singapore Exchange (SGX).

Prohibited from traveling outside the US

After pleading guilty, Zhao was under $175 million in collateral (around Rp 2.8 trillion) and banned from traveling outside the US. However, Zhao applied for permission to Judge Richard Jones to allow him to travel to Abu Dhabi from January 4 for one to four weeks. Zhao said he wanted to visit someone who was undergoing treatment in hospital and would be hospitalized. Zhao also offered Binance shares worth billions of dollars as collateral that he would not run away.

Unfortunately, Zhao's request was rejected by the judge on the grounds of high risk of flying over Zhao's immense wealth. The judge also expressed concern that Zhao's family lives in the UAE and he may have a special status there. The judge argued Zhao did not show clear and convincing evidence that he would not have fled if allowed to return to the UAE.

This rejection is the second time for Zhao, whose previous petition was also rejected in December 2023. Nevertheless, Zhao was still able to breathe free air without guarantees, provided he had to stay in the US until his sentence on February 23, 2024 was determined by the court.

These cases show that the landscape of crypto regulation in the US is still complex and varied. Meanwhile, the crypto community continues to monitor the development of Zhao's case and its impact on the crypto industry.