Judge refused to let Binance founder Zhao travel to UAE despite his offer to use equity as security

• A federal judge last month rejected a request by Binance founder Changpeng "CZ" Zhao to travel to the United Arab Emirates for the "hospitalization and surgery" of a person in his life.
• Zhao had offered to post his $4.5 billion in Binance equity as security for his return to the U.S., a new criminal court filing reveals.
• The valuation of his shares was based on Binance's last round of fundraising two years ago, Zhao's lawyers wrote in a Dec. 22 letter to Judge Richard Jones, according to a filing.

A federal judge last month rejected a request by Binance founder Changpeng "CZ" Zhao to travel to his home in the United Arab Emirates for the "hospitalization and surgery" of a person in his life even though he offered to post his Binance equity as security for his return to the U.S., a new court filing reveals.

The equity was worth $4.5 billion, based on Binance's last round of fundraising two years ago, Zhao's lawyers noted in their Dec. 22 letter to Judge Richard Jones, according to a filing Wednesday.

Zhao pleaded guilty in November in Seattle federal court to failing to maintain an effective anti-money laundering program at the company, the world's largest cryptocurrency exchange. Binance agreed to pay $4.3 billion in penalties in the case.

Zhao, who stepped down as CEO because of his plea, is due to be sentenced on Feb. 23, but he has remained free in the U.S. on a $175 million release bond.

In the letter last month, his lawyers asked Judge Jones to allow him to travel to Abu Dhabi on Jan. 4 for a period of one to four weeks, so he could be present for the hospitalization, surgery, and subsequent recovery period of a person whose name is redacted in the copy of the letter filed Wednesday.

Details of the medical procedure