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He was convicted for not implementing proper “Know Your Customer” (KYC) measures at his cryptocurrency exchange.
KYC is a rule that helps companies know who their customers are to prevent illegal activities. Although CZ resigned as CEO of Binance, he still holds the title of the largest shareholder of the company.
A Bit of a Surprise
Interestingly, CZ’s release is happening two days earlier than expected. This is due to a policy that allows inmates to be released early if their release date falls on a weekend. So, instead of waiting until later this week, CZ will walk out of prison today. CZ’s leadership is vital for Binance, especially since it is one of the largest cryptocurrency exchanges in the world. He still holds significant influence over the company and its future.
CZ EARLY RELEASE: Binance founder CZ is set for early release today after serving 119 days in prison.
Convicted for failing to implement KYC, he resigned as CEO but remains Binance’s largest shareholder.
His release comes 2 days early due to weekend policy.
BULLISH. pic.twitter.com/GZVc4Xd1kx
— Cointelegraph (@Cointelegraph) September 27, 2024
After being away for 119 days, CZ will likely want to hit the ground running. The crypto world moves fast, and there’s no time to waste. He will need to reassure users and regulators that Binance is committed to making its platform safe for everyone. This will involve enhancing KYC procedures and possibly making other changes to avoid any future issues.
More About Binance
Earlier this month, Binance hit a historic milestone by surpassing $100 trillion in all-time trade volume. This massive achievement highlights Binance’s role as one of the largest and most influential cryptocurrency exchanges in the world.
#Binance reached a historic milestone of $100 trillion in all-time trade volume, earlier this month.
We owe it all to our community—thank you for your continued trust and support.
We keep building, because y’all deserve nothing but the best. pic.twitter.com/WCyiUrDbk1
— Binance (@binance) September 24, 2024
With millions of users trading a wide variety of digital assets, this milestone reflects the platform’s growth and the increasing global adoption of cryptocurrencies.
Disclaimer
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Nermeen Nabil Khear