Long

<p>The post <a href="https://coinpedia.org/news/former-binance-ceo-moved-to-halfway-house-legal-trouble-continues-with-another-lawsuit/">Is Binance Former CEO Changpeng Zhao (CZ) Out Of Jail?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Former Binance CEO Changpeng Zhao (CZ) has been moved from <span style="box-sizing: border-box; margin: 0px; padding: 0px;">prison to the RRM Long Beach halfway house in California. However,&nbsp;<a href="https://x.com/RadarHits/status/1826691638032564368?t=C-6wPrPfBUQsp6hblHz6lg&amp;s=19" target="_blank" rel="noopener">X&nbsp;</a>users and numerous crypto firms have mistakenly interpreted this news as</span> an early release for Zhao.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-zhao-to-be-released-in-september"><strong>Zhao To Be Released In September</strong></h2> 
<p>CZ was initially being held at FCI Lompoc II prison, also in California. Zhao, who began serving his sentence in late May for violating U.S. anti-money laundering laws, is scheduled to be released on September 29, according to the U.S. Bureau of Prisons. He stepped down as CEO of Binance and as part of the legal resolution, Binance was also fined $4.3 billion, with Zhao personally agreeing to pay a $50 million fine.</p> 
<p>While he is now out of prison. But he is certainly still under the custody of the American government and is not free to move or do as he pleases. RRM Long Beach is classed as a ‘residential reentry management (RRM) field office,’ often referred to as a ‘halfway house.’ It is a residential program that prepares inmates approaching the end of their sentences for re-entry into society.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-cz-faces-another-lawsuit"><strong>CZ Faces Another Lawsuit</strong></h2> 
<p>While this sentence might be drawing to a close, he’s now got another lawsuit to worry about. Three crypto traders have accused CZ and Binance of losing their funds through relaxed money laundering regulations. The suit, which was filed on August 16, claims that Binance’s failure to implement and maintain effective anti-money laundering (AML) and know-your-customer (KYC) rules allowed criminals to move stolen funds to Binance so it could be laundered covertly.</p> 
<p>Zhao, one of the wealthiest figures in crypto, is also barred from managing Binance for three years following a settlement with the U.S. government. The entrepreneur intends to use that timespan to focus on other ventures like education and passive investing.</p> 
<h2 class="wp-block-heading" id="h-binance-s-commitment-to-regulatory-compliance"><strong>Binance’s Commitment To Regulatory Compliance</strong></h2> 
<p>This lawsuit could further complicate Binance’s operations, which could lead to increased regulatory oversight and stricter compliance measures in the future. However, in a recent interview, CEO Richard Teng said that Binance would spend a hefty amount on regulatory compliance. He also suggests that the exchange will increase its focus on compliance and has plans to hire more people to achieve that.</p>

Is Binance Former CEO Changpeng Zhao (CZ) Out Of Jail?

Table of Contents

CoinPedia News

Other articles published on Aug 23, 2024

U.S Spot Bitcoin ETFs Witness $65M Inflows Led by BlackRock’s IBIT

Floki Becomes Official Partner of Nottingham Forest for Premier League 2024/2025 Season

Powell Speaks: Bitcoin (BTC) Rises, DXY Crashed! Here's the Latest Situation!

Chainlink Data Streams and VRF Launch on Base, Boosting DeFi and dApp Capabilities

Binance to Temporarily Halt TON Deposits and Withdrawals Later This Month: Here’s Why

ASIC Rules Against Kraken Operator for Margin Trading Violations

Join our free newsletter for daily crypto updates!