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CZ’s YZi labs backs Sign as France probes Binance for fraud

Jan 30, 2025 - crypto.news
Changpeng Zhao, known as CZ, has shifted his focus from the crypto world to artificial intelligence and biotechnology with the launch of YZi Labs, a rebranded version of Binance Labs. After stepping down as Binance’s CEO in 2023 and serving a four-month prison sentence in the U.S. for compliance failures, CZ is now mentoring entrepreneurs and investing in emerging technologies. YZi Labs has already made significant investments, including a $16 million funding round for Sign, a platform improving on-chain credential verification, and supporting AI and decentralized science projects. Despite his new ventures, CZ remains connected to the blockchain industry, which is still dealing with the fallout from Binance's legal troubles.

Meanwhile, Binance faces ongoing regulatory challenges, including a judicial probe in France for alleged money laundering and tax fraud. The investigation, covering activities from 2019 to 2024, adds to Binance's history of legal issues, including a $4.3 billion settlement with the U.S. Department of Justice in 2023. CZ, while distancing himself from Binance, continues to be shadowed by these challenges. He has launched Giggle Academy, a free educational platform, and confirmed he has no plans to run another crypto exchange, focusing instead on long-term investments in blockchain, AI, and biotech.

Key takeaways:

  • CZ, former CEO of Binance, has shifted focus to AI and biotech with YZi Labs after stepping down and serving a prison sentence for compliance failures.
  • Binance is facing a judicial probe in France for alleged money laundering and tax fraud, adding to its history of legal challenges.
  • YZi Labs, under CZ's mentorship, is investing in emerging technologies, including AI and decentralized science, while distancing from its crypto exchange roots.
  • CZ launched Giggle Academy, a free educational platform, and confirmed he has no plans to run another crypto exchange, focusing instead on long-term investments in impactful technologies.
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