Crypto: CZ, the ex-CEO of Binance transferred to a halfway house!
Changpeng Zhao (CZ), founder of Binance, has been transferred from the FCI Lompoc II prison in California to a halfway house in Long Beach. Although this transfer is a step in his judicial journey, CZ is not yet completely free. Sentenced to four months in prison for failing to set up an adequate know-your-customer (KYC) program on Binance, he will serve his sentence until September 29, 2024.
The halfway house is a place that prepares inmates for their social reintegration. CZ must still follow strict rules, despite rumors of early release.
Meanwhile, Binance is facing a new lawsuit filed by three investors, accusing the platform of failing to implement effective anti-money laundering (AML) and KYC measures, thereby facilitating criminal activities.
Despite these challenges, Binance continues to innovate, strengthening its security and compliance measures, while investing in US Treasuries to solidify its position in the crypto ecosystem.
