Just In: Binance Founder ‘CZ’ Is Launching a New Project

Changpeng ‘CZ’ Zhao, the Founder and former CEO of Binance took to X to tease the coming of a new project and while he avoided sharing too many details about the product, he confirmed that it would be educational.

Binance Founder’s New Project To Feature No Token

For crypto community members who may be speculating that a new token would be involved in the upcoming project, CZ clearly said that there would be none. 

It is not certain what this project is about except the fact that it would offer educational resources. The public would have to patiently wait for more information to be released in the coming days as promised by the former Binance executive. 

Noteworthy, the news of the project comes at a time when Binance is celebrating a milestone. The leading cryptocurrency exchange announced that its assets under custody have exceeded $100 billion as of March 18. 

This achievement represents a significant jump from the $40 billion the exchange reported as of last year.

Changpeng ‘CZ’ Zhao and Enforcement Actions In the US

Meanwhile, Changpeng Zhao is currently facing enforcement action after pleading guilty to charges related to violation of the Bank Secrecy Act. He had to step down as CEO of Binance as the exchange tried to settle with the United States Department of Justice (DOJ). CZ was held in custody but was later released on a $175 million bail bond and ordered not to leave the U.S.

His legal team has been trying to get the court to allow him travel to the United Arab Emirates where he says he has family ties. However, all efforts to get the court to change its verdict on CZ’s travel plans has proven abortive. Recently, his bail conditions were modified to include phrases that further restricts the crypto boss from leaving the U.S. before his sentencing.

The recent move from the DOJ shows that the authorities are not taking chances with CZ. He has been mandated to submit his passports and other travel documents to a third-party custodian who will be assigned by his counsel of record. 

Travelling within the United States is allowed but CZ is required to go with his third-party custodian who will continue to hold on to his travel documents unless otherwise stated by the Pretrial Services or the court. 

The announcement about the new project suggests that Changpeng Zhao may be making good use of his time before his sentencing.