Binance's controversial founder Changpeng "CZ" Zhao has been denied his request to travel to the United Arab Emirates just a month before his prison sentencing.
Washington West District Judge Richard Jones rejected Zhao's appeal to return to his home in UAE for "hospitalization and surgery" of a person in his life for at least one to four weeks.
Zhao offered to post his Binance equity as security that he will return to the US in time for his prison trial on Feb. 23, according to the court letter sent to Jones.
The document did not provide details as to why Jones denied Zhao's appeal.
Judge Jones: Zhao is a Flight Risk
The judge earlier rejected a similar appeal from Zhao's team last December, noting the ex-CEO as a significant flight risk due to his "enormous wealth."
Jones also noted that the defendant has not "established by clear and convincing evidence" that Zhao will not escape once he made it to UAE.
Zhao is still free to travel within the US after posting a $175 million release bond.
Regulators Intend to Put Zhao to Jail
Judge Jones's decision was made public as the U.S. Commodity Futures Trading Commission pushed for Zhao to be imprisoned within the US.
Speaking to CNBC, CTFC Chair Rostin Benham is sure that Zhao will be put to jail for his violations.
Zhao earlier pleaded guilty to money laundering charges and violating US trading sanctions. Binance also has to pay a $4.3 billion settlement to the Department of Justice.
The Binance founder had to step down as CEO of the crypto firm and pay a $50 million fine for his charges.
Binance's case was one of the biggest government crackdowns on the crypto market in history as lawmakers push for regulations on the digital currency.
The ruling follows soon after the US court ruled crypto hedge fund FTX and founder Sam Bankman-Fried guilty of seven counts of fraud.
Related Article : Binance CEO Steps Down, to Pay $4.3B Settlement for Federal Charges
