Changpeng Zhao is currently stuck in the United States, awaiting the verdict of his trial. However, a document has surfaced revealing that the former CEO of Binance was willing to stake several billion dollars to be able to return to his home in the United Arab Emirates to visit a sick relative.
During the Binance and Changpeng Zhao trial, one of the critical issues was the location of the former CEO. “CZ” is set to receive the verdict next February, and prosecutors were concerned about a potential attempt to flee to the country where he resides: the United Arab Emirates. At the time, Changpeng Zhao had tried to demonstrate his good intentions, with his lawyers assuring that he would return to the United States for the conclusion of the trial. However, this assurance was not deemed sufficient.
It has also come to light that Changpeng Zhao was willing to put a significant portion of his fortune at stake to return home. A letter to the presiding judge in the case reveals that the former CEO was ready to lock his shares in Binance, which were valued at $4.5 billion two years ago, as collateral. The letter specifies that Changpeng Zhao wanted to visit the United Arab Emirates in January to see a relative undergoing surgery and staying in the hospital. Despite the billions offered as collateral, the request was denied. As a reminder, the former CEO was the 37th wealthiest person globally in December, with an estimated wealth of $36 billion.
What does Changpeng Zhao face?
To recap, Changpeng Zhao is currently confined to the United States. He managed to secure freedom of movement within the territory against a $175 million bail. On February 23, he will learn about the sentence imposed on him. The former CEO pleaded guilty to money laundering charges, facing a potential 18 months in prison. He has already paid a fine of $50 million. Although we know he is in the United States, Changpeng Zhao’s current residence remains unknown. The former face of Binance has been notably silent, not posting on Twitter since December 6. Next month will reveal whether prison awaits him.
