CZ's $4.5 Billion Binance Equity Pledge for U.S. Travel Denied by Judge

WikiBit 2024-01-25 10:40

CZ's Proposal to Use $4.5 Billion in Binance Equity as Collateral for Round-Trip to the U.S. Rejected by Judge

According to CNBC, new court documents reveal that Binance founder CZ proposed to use $4.5 billion worth of Binance equity as collateral to return to the U.S. but was rejected by a judge.

In a letter to Judge Richard Jones dated December 22, CZ's lawyers stated that the valuation of CZ's shares was based on Binance's last funding round two years ago.

Earlier, a federal judge had rejected CZ's request to travel to the United Arab Emirates for important personal matters related to hospitalization and surgery in December 2023.

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