đWhy Is Binance Founder CZ Being Released Two Days Early?đČ
đ"While he is no longer managing or operating Binance, we are excited to see what he does next," said a Binance spokesperson.Binance co-founder Changpeng Zhao, known in the crypto world as "CZ," is scheduled to be released on Friday evening, following a 4-month stint in prison after pleading guilty to failing to "maintain an effective anti-money laundering program,"Although his prison term was officially slated to end on Sunday, according to prison rules, inmates whose official release date is set for a weekend or holiday can be discharged on the last preceding weekdayâunless circumstances warrant further detention.
Despite when he's actually released, Zhao faces strict limitations on his involvement with Binance, the worldâs largest cryptocurrency exchange by trading volume, which he founded in 2017.Zhaoâs legal troubles began in 2021, as global regulators increasingly scrutinized the exchange's operations.Following his release, Zhao faces strict limitations on his activities within Binance and the crypto industry at large.
As part of his settlement, he is barred from holding any executive or strategic role within Binance and cannot participate in the company's day-to-day operations, including trading, marketing, or regulatory dealings. Additionally, Zhao is restricted from engaging in activities directly related to crypto exchanges or trading services for a specified period.
Personally I'm happy that CZ is free, BNB will rise đ„
