Former Binance CEO CZ Teasing New Project

Former Binance CEO Changpeng Zhao has taken to X (formerly Twitter) to announce a new mysterious project.

Zhao was quick to preemptively shut down any speculation about an upcoming token launch. "No, no new tokens," he stated.

The new project of the controversial Canadian entrepreneur appears to be related to education.

For now, Zhao has provided no further detail about his future endeavors, but he has promised to share more pertinent information "soon" in his post on X.

CZ's downfall

As reported by U.Today, Zhao agreed to step down as the CEO of the world's top exchange as part of Binance's settlement with the US Justice Department. This was the conclusion of a years-long money laundering probe, which reportedly started all the way back in 2018.

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On top of shelling out $50 million, Zhao also agreed not to be involved with the exchange he founded in the future.

Binance agreed to pay more than $4 billion as part of the aforementioned settlement deal.

Richard Teng replaced Zhao, promising a fresh start for the embattled cryptocurrency giant.

A project from jail?

As reported by U.Today, Zhao could be facing up to 18 years behind bars due to violating money laundering laws. Moreover, he could face even harsher penalties.

Last month, the sentencing of the controversial Binance boss was delayed to April.

In November, Zhao was barred from leaving the US because of flight risk worries.

For now, he remains free in the US after forking out a $175 million release bond.