Former Binance CEO CZ Teases New Project

Former Binance CEO CZ Teases New Project

Former Binance CEO Changpeng Zhao took to X (formerly Twitter) to announce a mysterious new project.

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Former Binance CEO Changpeng Zhao took to X (formerly Twitter) to announce a mysterious new project.

Zhao was quick to preemptively shut down any speculation about an upcoming token launch. “No, there are no new chips,” he stated.

The new project of the controversial Canadian businessman seems to be related to education.

For now, Zhao has not provided any further details about his future projects, but has promised to share more relevant information “soon” in his post on X.

The fall of CZ

As Guru-Investingreported, Zhao agreed to step down as CEO of the world’s top exchange as part of Binance’s settlement with the US Department of Justice. This was the conclusion of a years-long money laundering investigation that, reportedly started in 2018.

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In addition to shelling out $50 million, Zhao also agreed not to participate in the exchange he founded in the future.

Binance agreed to pay more than $4 billion as part of the aforementioned settlement agreement.

Richard Teng replaced Zhao, promising a new beginning for the embattled cryptocurrency giant.

A project from prison?

As Guru-Investingreported, Zhao could face up to 18 years behind bars for violating money laundering laws. Additionally, she could face even harsher penalties.

Last month, the controversial Binance boss’s sentencing was delayed until April.

In November, Zhao was banned from leaving the United States due to concerns about being a flight risk.

For now, he remains free in the United States after posting a release bond of $175 million.

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