Changpeng Zhao’s bid to travel to the UAE was rejected despite a $4.5 billion security offer.

Binance founder Changpeng Zhao’s request to submit $4.5 billion in collateral to the UAE has been rejected by a U.S. federal judge, according to a recent court order. Recent court filings reveal desperate efforts to amend the request, citing the need to protect personal health and sensitive information.

Security offer details

Changpeng Zhao, who pleaded guilty to failing to maintain an effective anti-money laundering program at Binance, provided $4.5 billion worth of equity as collateral for travel requests. The stock’s valuation is based on Binance’s last funding round two years ago. Despite stepping down as CEO following his guilty plea, Zhao remains free in the United States on a $175 million release bond.

His sentencing is scheduled for February 23.

Last month, CZ’s lawyers asked Judge Jones for permission to travel to Abu Dhabi for one to four weeks on January 4. The purpose was to be present during the hospitalization, surgery and recovery of the individual whose name was redacted. Letter received Wednesday.

SEC vs. Binance Litigation Updates:

The SEC v. Binance lawsuit took place during a heated court hearing on January 22, when Binance’s legal representative, Matthew Gregory, was criticized by a federal judge in Jackson for his attempt to dismiss the SEC’s complaint.

The SEC alleges that Binance’s cryptocurrency trading is subject to regulatory oversight for inflating trading volume, misappropriating funds, and facilitating trading in unregistered securities. Binance, which announced a $4.3 billion settlement with the Justice Department last November, claims the SEC is sending conflicting signals to the cryptocurrency industry.

As the legal battle unfolds, Binance and its former CEO have come under ongoing scrutiny over their settlement with the Justice Department. Despite being offered a significant stake, Changpeng Zhao’s request to travel was rejected.