In December 2023, a court rejected the request of former Binance CEO Changpeng Zhao (CZ) to return home to the UAE, despite a proposed bail of $4.5 billion. This is detailed in the case documents.
CZ planned to leave on January 4 for several weeks, as he anticipated a “hospitalization and surgical operation” for a close relative.
The proposed bail was calculated based on Binance’s latest funding round, which valued the company’s equity at $4.5 billion.
Judge Richard Jones held closed hearings on the matter but denied Zhao’s request. Authorities first refused CZ’s departure in early December. He will remain in the US until a hearing scheduled for February 23, 2024.
“The defendant possesses substantial wealth and property abroad and has no ties to the United States. His family resides in the UAE, and it appears [CZ] has privileged status. Under these circumstances, the court concludes that the defendant has not demonstrated his intention to return,” Johnson wrote in the order.
On November 21, as part of a deal with the US Department of Justice, Binance paid $4.3 billion, and Zhao agreed to a $50 million fine and to step down as CEO.
The former head of the exchange posted a $175 million bail to remain free until sentencing. He faces up to 10 years in prison.
In late 2023, Bloomberg reported that the estimated personal wealth of Binance’s founder increased to $37.2 billion amid the cryptocurrency market’s recovery.