Binance Founder Fails To Escape US Justice For The Fourth Time: Report

Changpeng Zhao, the ex-CEO of Binance, the world’s largest cryptocurrency exchange, has been denied his fourth attempt to leave the US and return to his home in the United Arab Emirates (UAE), according to a new court document.

Zhao, who is facing criminal charges for his role in a massive fraud scheme involving Binance, offered to post his Binance equity worth $4.5 billion as a guarantee for his return to the US, but the court rejected his request.

In Jan, Zhao stated that he needed to travel to Abu Dhabi for one to four weeks to attend the surgery and recovery of a close person in his life. The court filing did not disclose the name or medical condition of the individual.

However, the federal prosecutors did not approve Zhao’s request, citing the risk of flight and the ongoing investigation.

Zhao Accused Of Running A Fraud Scheme With Binance

WhaleWire, a crypto analytics platform, published a post on Jan 25, exposing Zhao’s repeated efforts to flee the US before his sentencing in Feb 2024. They wrote, “I guarantee that if he ever steps a foot out of the US, he will never be seen again.”

WhaleWire accused Zhao of masterminding a fraud scheme with Binance, saying, “Binance CEO Changpeng Zhao is desperately trying to evade authorities and vanish amid the investigation into his massive fraud scheme.” They also doubted the validity of the $4.5 billion security, saying that “it’s all backed by fraud and wash trading.”

The court document came after the recent Binance-SEC court hearing, where BNB lawyers criticized the SEC’s inconsistent and unfair approach to crypto regulation. The crypto community has been following the developments of the Binance case, which include the lawsuit, the guilty plea, and Zhao’s resignation.

Related Reading | ETH Heist Reversed: Socket Protocol Recovers Two-Thirds Of Stolen Cryptocurrency

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.