Convicted Binance founder Zhao denied permission to travel to UAE

Binance founder Changpeng Zhao offered to post more than $4 billion in security to a US court in order to guarantee his return from a trip to the United Arab Emirates, a Wednesday court filing revealed, adding another chapter to the cryptocurrency controversies in the Gulf state.

What happened: Zhao, also known as CZ, is the founder and former CEO of the cryptocurrency giant Binance. Born in China, he immigrated to Canada as an adolescent and founded Binance in 2017. He currently resides in Dubai and is an Emirati citizen.

In November, Zhao pled guilty in a US federal court to breaking US laws against money laundering. He was released on a $175 million bond ahead of a Feb. 23 sentencing date and faces up to 18 months in prison.

Last month, a federal judge denied Zhao’s request to return to the UAE after overruling a previous ruling that would have allowed him to return home.