Binance founder Changpeng Zhao (CZ) has been released from US custody after serving a four-month prison sentence for his role in Binanceâs compliance failures. The ruling came after a plea deal that included a $50 million fine and his resignation as Binance CEO. Despite his conviction, Zhao remains a net worthy and plans to focus on new initiatives.
A settlement with US authorities saw Zhao fined $50 million after he admitted to failing to combat money laundering, which allowed terrorists and criminals to abuse the Binance platform. Binance was also hit with massive financial penalties, which forced it to pay a $4.3 billion settlement.
After completing his sentence at a California correctional facility, Zhao was transferred to a private residence in Long Beach. According to the legal deal, Zhao resigned as CEO and is prohibited from holding any executive positions at Binance. However, Binance remains led by Richard Teng, who took over as CEO in April. Zhao remains involved in several new initiatives such as the Giggle Academy, which aims to support budding entrepreneurs.
