CZ Set to Be Released From Prison on September 29
The Binance founder is currently living in a halfway house in San Pedro, California.
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CZ
The Binance founder is currently living in a halfway house in San Pedro, California.
According to an exclusive Forbes report on June 14, Binance founder Changpeng Zhao (CZ) owns a staggering 64% of the … Continue reading
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Binance founder Changpeng “CZ” Zhao has reported to a federal prison in California where he will spend the next four months for failing to implement an adequate know-your-customer (KYC) program at the world’s largest cryptocurrency exchange.
Binance’s fairly new boss Richard Teng has said Bitcoin (BTC) will exceed his previous expectations of hitting the $80,000 mark by the end of this year, according to Bloomberg.
Zhao has requested permission to travel to the UAE, where his three children remain.
A federal judge accepted Binance founder Changpeng “CZ” Zhao’s guilty plea to one count of violating the Bank Secrecy Act, but has not yet weighed in on whether Zhao can go back to the United Arab Emirates before he is sentenced in February.
A district judge ordered Changpeng “CZ” Zhao to stay in the U.S. until he could make a proper ruling on a U.S. Department of Justice motion to block him from returning to his home in the UAE.
U.S. argues that Binance’s former CEO should remain free until sentencing – but only in the U.S.
Binance CEO Changpeng Zhao leaves the U.S. District Court in Seattle, Washington. (David Ryder/Getty Images)
The crypto exchange Binance’s expensive deal with U.S. prosecutors this week bears harsh consequences, but could mean a positive outlook for the company in the long term.