Binance founder and former CEO Changpeng Zhao (CZ) has been released from US custody after serving a four-month prison sentence for his role in Binance’s compliance failures. His conviction came after a plea deal that included a $50 million fine and stepping down as Binance CEO. Despite his conviction, Zhao remains incredibly wealthy and plans to focus on his new company, Giggle Academy.
CZ free after serving 4 months sentence
Changpeng Zhao (CZ), the founder and former CEO of cryptocurrency exchange Binance, was released from a California correctional facility on Friday after completing his sentence related to Binance’s compliance failure.
Zhao pleaded guilty in November last year to charges of negligence in failing to maintain an adequate anti-money laundering program, which enabled the platform to be misused by cybercriminals and terrorist groups. As a result, Binance faced significant financial penalties and Zhao agreed to a $50 million fine in a plea deal.
The former Binance CEO was sentenced to four months in prison. He began serving his sentence in June at a minimum-security facility, followed by a stay at a halfway house in Long Beach, according to the Bureau of Prisons. Binance settled with authorities for $4.3 billion after being accused of violating anti-money laundering and sanctions regulations.
As part of the plea agreement and verdict, Zhao resigned as CEO and is prohibited from holding any executive positions at Binance. However, Binance continues to play a significant role in the cryptocurrency industry. Bloomberg Wealth currently estimates Zhao’s net worth at around $30 billion.
Binance is now headed by Richard Teng. The company appointed its first board of directors in April, but has yet to establish a permanent global headquarters. Zhao has expressed interest in new initiatives, such as the Giggle Academy, a nonprofit online education project, and has expressed a desire to mentor budding entrepreneurs.
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