Court documents have unveiled that Changpeng Zhao, the founder of Binance, had his travel request to the United Arab Emirates denied again by a federal judge.

Despite offering a $4.5 billion stake in Binance as collateral, the judge turned down Zhao's plea, marking another setback for the cryptocurrency exchange mogul.

In November, Zhao pleaded guilty in a Seattle federal court for the failure to maintain an effective anti-money laundering program at Binance.

The exchange, in response, had agreed to pay $4.3 billion in penalties related to the case.

Zhao resigned as CEO, and his sentencing is scheduled for February 23, while remaining free in the U.S. on a $175 million release bond.

Requesting Permission

Seeking permission from Judge Jones to travel to Abu Dhabi for one to four weeks starting January 4, Zhao's request was centered around being present for the hospitalisation, surgery, and subsequent recovery of an undisclosed family member.

However, the details of the medical procedure and federal prosecutors' consent were not disclosed.

This is not the first time Zhao's travel request has been denied, as a previous attempt in December faced rejection.

Judge Jones, in both instances, expressed concerns about Zhao's "enormous wealth" posing a significant flight risk.

The judge cited Zhao's family residing in the UAE and his apparent favored status there as factors contributing to this concern.

Despite the denial, Zhao remains bond-free but is restricted from traveling outside the United States.

This stands in contrast to other cases, such as former Celsius CEO Alex Mashinsky, who is free on a $40 million bond, and former FTX CEO Sam Bankman-Fried, initially allowed to stay in his parents' California home but later remanded due to allegations of witness intimidation after extradition to the U.S. in 2022.

Related: Judge Mandates Binance's CZ Remain In The U.S. Over Flight Risk