GinsengGlory
Fri Jun 07 2024
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7 answers
1427
Why is CZ being jailed?｜Binance founder Changpeng CZ Zhao has reported to a federal prison in California where he will spend the next four months for .failing to implement an adequate know-your-customer (KYC) program at the world's largest cryptocurrency exchange
Why has CZ, the founder of Binance, been sentenced to imprisonment? I'm curious to know the details behind this. It seems that CZ, Changpeng Zhao, has been reported to spend the next four months in a federal prison in California. What exactly led to this outcome? Was it due to his failure to establish an adequate know-your-customer (KYC) program at the world's largest cryptocurrency exchange? Could you elaborate on the reasons behind this sentence and the significance of KYC in the cryptocurrency industry?
