Recent court documents reveal former Binance CEO Chanpeng Zhao’s challenges with US authorities, yet Binance’s native token, BNB, maintains its value. New leadership decisions and collaboration with regulatory bodies are thought to contribute to BNB’s resilience.
Zhao’s third denied request to travel outside the US is highlighted in the documents, with his lawyers seeking permission for him to visit the UAE due to a close business associate’s surgery, details of which remain confidential.
The documents also show Zhao offering Binance’s equity, valued at $4.5 billion from its last funding round two years ago, as a guarantee for his return, demonstrating the company’s substantial financial backing.
Despite the significant offer, the judge rejected Zhao’s request due to concerns over his flight risk, citing his wealth, family ties in the UAE, and prominent status in the country as influencing factors in the decision.
While Zhao faces legal difficulties, BNB coin battles market challenges independently, with its recent price performance reflecting a broader market trend rather than being solely affected by news about Zhao.