CZ is nearing the end of his four-month prison term for violating the Bank Secrecy Act.
CZ and Binance face new investor lawsuits related to fund security and laundering.
Binance paid $4.3 billion in fines, and CZ stepped down as CEO amid legal issues.
Binance founder Changpeng Zhao (CZ) may be nearing the end of his four-month prison sentence for violating the Bank Secrecy Act.
According to the U.S. Federal Bureau of Prisons website, a 47-year-old Asian man named “CHANGPENG ZHAO” will be released on September 29, 2024, with the registration number 88087-510. While this news has not significantly impacted BNB’s price yet, it is drawing attention as Zhao faces new legal challenges.
Zhao was convicted of violating the Bank Secrecy Act (BSA) due to Binance’s failure to implement adequate know-your-customer (KYC) procedures. CZ, who had reported to a federal prison in California earlier this year, received a shorter sentence than the three years the federal prosecutors initially sought.
His four-month term, handed down in April, came alongside a $50 million fine. As part of the settlement, he also stepped down as CEO of Binance. Binance itself pleaded gui…
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