CZ’s First Post-Prison Message: “gm” to Crypto

Binance founder Changpeng Zhao walked free from a U.S. correctional facility in California on Friday. He spent four months in jail after the court sentenced him for failing to implement an anti-money laundering program at Binance exchange.

In addition to the jail time, Zhao paid a $50 million personal fine, while Binance paid $4.3 billion in penalties. Reports indicate Binance’s penalties were part of a settlement related to anti-money laundering and sanctions law violations.

CZ’s First Post-Prison Message: “gm”

A few hours into his release, Zhao hopped on X (formerly Twitter) to make his first public post. He simply posted “gm,” a common crypto greeting short for “good morning.”

Zhao’s post garnered over 27,000 responses in less than two hours, with many of his followers excited about his return.

Read also: Binance CEO Reveals CZ’s Lifetime Ban: A Major Blow

gm

— CZ 🔶 BNB (@cz_binance) September 28, 2024

Several crypto community members welcoming Zhao back called him a legend in the industry, saying they looked forward to his return. Zhao got out of jail two days before the scheduled date because the supposed release date, September 29, fell on a weekend.

Binance’s New Mantra: Compliance

Meanwhile, Binance’s current CEO, Richard Teng, reportedly highlighted the company’s $200 million investment in compliance as a “competitive advantage.” Teng said the crypto exchange plans to expand its compliance team from 500 in August to 700 by the end of the year.

CZ’s Next Chapter: Education, Not Regulation

Zhao’s punishment and the fines may have resolved the regulatory challenges Binance faced in the U.S. But other regions, like France, India, and Brazil, still have concerns about the crypto exchange’s operations. However, Zhao’s immediate focus after his release is non-profit educational initiatives.

It is worth noting that Binance has remained a global leader in the cryptocurrency exchange business despite the challenges it faced. The firm recently named its first new board of directors, and users anticipate an announcement about a global headquarters.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Source