Mediaboss Marketing

Changpeng Zhao took to X on Monday to tease the launch of a new project, but offered little detail beyond revealing that there would be no token.

Zhao teased a new education project on X just weeks ahead of his April sentencing for anti-money laundering and sanctions violations.

Credits: Web Summit

Posted March 18, 2024 at 4:27 pm EST.

Binance cofounder and former CEO Changpeng Zhao, who is currently awaiting sentencing for a series of anti-money laundering violations, announced Monday that he would be launching a new education project, promising details to follow.

With just over a month remaining until his sentencing on April 30, Zhao took to X to tease his plans, stating, Launching a new project. No, no new tokens. Education project. More details soon

Zhao has largely stayed under the radar since November 2023, when he pleaded guilty to violating the Bank Secrecy Act (BSA) for failing to implement an effective anti-money laundering program at Binance. At the same time, the U.S. Department of Justice (DOJ) announced that Binance Holdings Limited had also pleaded guilty to conspiracy to violate the BSA, failing to register as a money transmitting business, and violating the International Emergency Economic Powers Act (IEEPA).

As part of the plea, Binance agreed to a historic settlement, paying $4.3 billion in penalties, the largest such settlement involving a corporate entity and its CEO in DOJ history. Additionally, Binance committed to enhancing its compliance measures and agreed to the appointment of an independent monitor to oversee its operations.

Zhao was also compelled to step down as CEO and remove himself from Binances operations. As part of the conditions for his release on a $175 million bond, he was compelled to surrender his passports and was ordered to remain in the United States pending his sentencing.

However, Binances legal challenges are far from over, as the Securities and Exchange Commission (SEC) launched a separate lawsuit last June against the exchange for alleged violations of securities laws. This litigation is still ongoing.

Read more: SEC Is Still Worried About the Security of Binance.USs Assets, Filings Show

View post:

Binance Cofounder Changpeng Zhao Teases New Educational Project Ahead of Sentencing - Unchained - Unchained

Tags: