Changpeng Zhao Faces $4.5 Billion Bail Rejection for Travel

Changpeng Zhao, the co-founder and former CEO of Binance, attempted to pledge his $4.5 billion stake in the cryptocurrency exchange in exchange for permission to temporarily travel to the United Arab Emirates (UAE) for a surgical operation of a close friend or family member. However, the court denied his request in a closed hearing in December, citing flight and failure to appear risks. Zhao and Binance pleaded guilty to money laundering in November 2023, resulting in a fine of $4.3 billion for the platform and a $50 million payment and resignation from the CEO position for Zhao. A lawsuit filed by investors accuses Binance of violating federal and local laws, unfair competition, and attempting to monopolize the cryptocurrency market.