Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
CZ’s First Post-Prison Message: “gm” to Crypto

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

CoineditionCoinedition2024/09/27 16:00
By:Ikemefula Aruogu
  • Changpeng Zhao regained his freedom from prison on Friday.
  • Zhao paid a $50 million personal fine, while Binance paid $4.3 billion in penalties.
  • Zhao’s post prompted excitement from crypto community members on X.

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

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.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

MARA's stock jumps after raising $1 billion via convertible notes to buy more bitcoin

MARA Holdings announced the successful closing of its $1 billion offering of 0% convertible senior notes due 2030.The bitcoin miner plans to allocate around $199 million of the proceeds to repurchase $212 million in principal of its existing convertible notes due 2026. The remaining funds will be used to acquire more bitcoin.

The Block2024/11/21 16:11

Gold loses luster as institutional demand fuels bitcoin price surge, analysts say

Bitcoin’s 46% surge over the past month, contrasted with gold’s 3% decline, highlights a shifting investor preference toward alternative store-of-value assets, analysts say.Derivatives traders are buying up bitcoin call options ahead of Trump’s inauguration, signaling strong bullish sentiment for the beginning of 2024.

The Block2024/11/21 16:11

SEC is 'engaging' Solana ETF applicants: report

SEC “engaging” on Solana ETF applications, sparking optimism for potential approval in 2025.VanEck, 21Shares, and Bitwise lead Solana ETF filings amid pro-crypto White House hopes.SOL token rises 4.6% to $247.91, bolstered by Solana’s strong DeFi ecosystem and demand.

The Block2024/11/21 16:11