The Binance founder was released on September 29, 118 days after being sent to the low-security Lompoc II prison on California's Central Coast. He spent three months at Lompoc II before being transferred to a semi-permanent detention center in San Pedro, California, in late August.
Zhao was sentenced to four months in prison in April, five months after pleading guilty to violating the Bank Secrecy Act by failing to establish a proper customer verification (KYC) program at #Binance . As part of his guilty plea, Zhao paid a $50 million fine and also agreed to step down as CEO of the #cryptocurrency exchange.
Following Zhao's departure, Richard Teng, a former regulator from Abu Dhabi and Singapore, was appointed CEO of Binance. In addition to the allegations against Zhao, Binance was also accused of violating U. S. sanctions and remittance laws and agreed to settle by paying $4.3 million.
The Bloomberg Billionaires' Index estimates Zhao's net worth at $25.3 billion, and he is considered the richest person ever imprisoned in the United States.
Read us at: Compass Investments
