Binance founder CZ offers $4.5B as a security deposit to get approval to go UAE 

Changpeng Zhao (CZ) offered the US criminal court that he could surrender his Binance ownership stakes as a guarantee that he would come back to the US.

Changpeng Zhao (CZ) is the founder & former CEO of Binance crypto exchange, the top digital assets trade platform by 24-hour trade volume. Just a few months ago, CZ stepped down from the Binance CEO role, as a part of a settlement agreement with the US authorities. 

Alongside the $4.3 billion fine as a part of the settlement agreement, the court judge ruled that CZ would have to face jail punishment. So far the court hearing on CZ for the imprisonment is pending. 

CZ’s family lives in UAE (Dubai) and he requested the court to give him approval to visit UAE to meet the family but the court judge rejected his request because the opposition lawyers claimed that there were huge chances that CZ may not return to the US. 

In the latest, CZ’s representative lawyers requested the court to keep $4.5 billion worth of Binance stakes as a security deposit to ensure that he will come back to the US in the given time frame. 

Now it will be interesting to see what the response will come from the US court on this matter because here CZ is ready to leave almost the whole wealth that he generated with the Binance crypto empire.

Binance vs SEC 

With a $4.3 billion settlement fine, the Binance lawyers settled the conflict with all US authorities, except the United States Securities and Exchange Commission (SEC). 

As the SEC body regulates the crypto sector on behalf of traditional Securities laws forcibly, the Binance representative lawyers will try their best to fight against the SEC’s allegations legally.

Currently, Kraken, Coinbase, Ripple Labs, BinanceUS & Binance are top names in the legal battle against the SEC body.

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