"It is true that we have to start from the bottom, but CZ has a lot of experience to get back up."
Changpeng Zhao (CZ), the founder and former Chief Executive Officer (CEO) of Binance hinted at the arrival of a new project but at the same time refrained from sharing too many details regarding the project.
After members of the crypto community speculated that a new token would be involved in the upcoming project, CZ insisted that the rumors were completely untrue and offered an educational resource.
Therefore, people have to be patient waiting for more information to be released in the next few days as promised by the former CEO of Binance.
News of the project has come as Binance celebrated a milestone in which the crypto exchange announced assets under its custody had surpassed $100 billion on March 18, 2024 from $40 billion last year.
CZ, who now faces enforcement action shortly after pleading guilty to charges related to violating the Bank Secrecy Act, was held in custody, but was later released on $175 million bail and ordered not to leave the United States (US).
So here can be seen the recent move from the Department of Justice (DOJ) shows that the authorities did not give CZ a chance after he was mandated to hand over his passport and other travel documents to the third party custodian who will be assigned by his lawyer of record.
There is no denying that travel within the US is permitted, however CZ is required to travel with his third party guardian who will continue to hold his travel documents unless otherwise specified by the Pretrial Service or the court.
Glad to know the announcement of the new project suggests that CZ may be putting his time to good use before being sentenced.
